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Buying Bank Owned Homes

When homeowners can’t make their mortgage payments, they lose their home in foreclosure. The bank then owns the property. These houses are sometimes also referred to as being REO (real estate owned) properties, or "lender-owned" homes.

Take a builder with you to the bank repossessed property in order to get an idea of how much renovations may cost. Arrange your mortgage before you bid on a repossession property, as you risk losing your deposit if your application is rejected. Also be sure to factor in all costs including the survey fees and insurance costs.

Banks and lenders are willing to sell low so they can recoup funds with a short sale. Do your research when considering a bank owned home. Make sure you know the area you’re buying in, and check the market rate in the neighborhood.

145 Candido Cr
$649,250
4 Bed, 2 Bath, 1,955 Sq. ft
Single Family, 2 Stories


68 Leway Dr
$313,800
3 Bed, 2 Bath, 1,430 Sq. ft
Single Family, 1 Stories


118 Marcy Way
$550,200
4 Bed, 2 Bath, 1,955 Sq. ft
Single Family, 2 Stories


8131 Maple Leaf Way
$580,690
4 Bed, 2 Bath, 1,578 Sq. ft
Single Family, 2 Stories


63 Harney Dr
$415,450
4 Bed, 2 Bath, 1,460 Sq. ft
Single Family, 1 Stories


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