Bank foreclosure real estate, also referred to as REOs (Real Estate Owned), is foreclosed real estate that is owned by the bank due to an unsuccessful foreclosure auction. If a house failed to sell at an auction, there can be many a reason why this was the case. This would usually be due to the home's value not being able to match what is owed to the bank - in other words, negative equity can lead to bank foreclosure real estate. To sum things up in a nutshell, the bank would certainly want to be compensated properly and thus receive the original loan's unpaid balance, so the minimum bid for
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