How Does Buying A Bank Owned: Property Work

Buying a bank-owned property—often called a property—is a multi-stage process that differs from a traditional home purchase primarily in who you negotiate with and the condition of the home. How a Property Becomes "Bank-Owned"

When a homeowner defaults on their mortgage, the lender eventually repossesses the property through . If the house fails to sell at a public auction, ownership reverts to the bank, and it becomes an REO asset in their inventory. The Buying Process (Step-by-Step) How to buy a foreclosed home - Bank of America Foreclosures how does buying a bank owned property work