What is a foreclosure or foreclosedproperty. Well the first important point is that these properties are no longer owned by the resident home owner or borrower and are now owned typically by the lender who made the loan on the property. This has usually come about because the owner failed to keep up with their payments to the lender and the lender enforced their right to take the property back through foreclosure. It is important not to mix these up with homes that are "in foreclosure". These homes are still owned by the borrower and it is far more difficult to negotiate a sale with the owner due to the outstanding loan balance and penalties that the lender is not always to write off. It is far easier to buy FORECLOSED homes. Many such homes are available on sites such as www.morrobayreo.com
Bank Owned properties are as they suggest homes that have been foreclosed and are now owned by the lender who made the loan. Again these are the best type of property for would be home owners or investors to buy.
REO is a little harder for the home buyer to understand, but it stands for "Real Estate Owned". Well you may say owned by who? It means owned by the bank or lender. So it is the same as Bank Owned and has come about through the foreclosure process instigated by the lender.
Lender Owned is easier to understand as it really says it its self. Yes you guessed it the lender owns the property and is the same as Bank Owned.
So hopefully this clears up the terminology a little, now where do you find them. Firstly you have to be careful and not get taken in by less than scrupulous scammers out there who try to charge you for lists or access to web sites. Instead find yourself a good local Realtor who specializes in listing and Selling Bank Owned homes. Search such sites as Active Rain or Google for REO Agents and seek references from past clients. Any good Realtor will be only too happy to provide them. After-all if they are reluctant it may tell you that perhaps they either don't make many sales or have a bad reputation.
If you are looking for Bank Owned foreclosed property in San Luis Obispo County then look no further you have found the best source. I am a very experienced REO agent and along with The REO Team at Reviron Realty can help you find the right Foreclosure property. Some of the cities with particularly good deals for home buyers and investors include San Luis Obispo, Paso Robles, Morro Bay, Atascadero, Avilla Beach, Cayucos, Arroyo Grande, Grover Beach, Cambria . You will find many of these Bank Owned homes listed on www.morrobayreo.com along with useful information on buying these lender owned homes.
Andy Shellcross - REO Banked Owned Asset Management Specialist
888-640-2346 x301
Reviron Realty
http://www.morrobayreo.com
Your Source for REPO's BANK OWNED REO FORECLOSURES in San Luis Obispo County
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