An REO (Real Estate Owned) or Bank Owned is a property that goes back to the bank after an unsuccessful foreclosure auction. 

When the bank gets back a property, the mortgage loan no longer exists. The bank will handle the eviction, if necessary, and may do some repairs. They will negotiate with the IRS for removal of tax liens and pay off any homeowner’s association dues. As a purchaser of an REO property, the buyer will receive a title insurance policy and the opportunity to investigate the property.

A bank owned property could be a great bargain or not. Do your homework before making an offer. Make sure that the price you pay is comparable to other homes in the neighborhood. Consider the costs of renovation, including time to complete them. Don’t get caught up in a ‘bidding war’ and pay over market value. It’s an old myth that “foreclosures” are a bargain.  We will help to go through all this process.  We will work with you and for you.

If you are interested in obtaining more information about REOs or you would like to see any of the available bank owned properties for sale, please give us a call at (949) 400-6052 or email us at MartinUribe@Tarbell.com