Property Lists: Foreclosed, Bank-Owned and Auction

Property Lists: Foreclosed, Bank-Owned and Auction

The links below show properties in all stages of the foreclosure process and those that are bank-owned or up for auction. Please approach these properties with caution – and call me to discuss.

Pre-Foreclosure

Recently Foreclosed

REO (bank-owned)

Auction


WHAT DOES IT MEAN?

PRE-FORECLOSURE: This refers to the period after the lender has filed the original complaint and filed a lis pendens on the property indicating the intent to foreclose. At this time the property is still controlled by the seller, but the lender may be involved, too. Lenders do not want to foreclose on property and will often work with the seller and buyer to put together a transaction at this stage. Both the seller and the lender are motivated to avoid an actual foreclosure.

FORECLOSURE is the legal process in which a bank or lender sells or repossesses a parcel of real property after the owner has failed to comply with an agreement between the lender and borrower. Commonly, the violation of the mortgage is a default payment of a promissory note, secured by a lien on the property. When the process is complete, the lender can sell the property and keep the proceeds to pay off its mortgage and any legal costs.

BANK OWNED PROPERTIES (REO): Another name for bank owned properties is REO, an acronym for “real estate owned.” This refers to property that has come into the possession of a bank or lender, usually through the foreclosure process. Most lenders and banks are not in the business of managing and holding real estate and want to move the property as quickly as possible. Many banks turn their REO properties over to large asset management companies for disposition. Usually these properties are then listed with a local real estate agent.

COURT-ORDERED AUCTIONS: To complete the foreclosure process, the local clerk of court auctions the property to the highest bidder on the courthouse steps.

Use caution when considering any of these types of properties. There are different procedures that must be followed – some irreversible. I am happy to provide assistance.