Bank Owned Properties (REO)

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Chase Owned properties
https://servicing.chase.com/REO/property/FeaturedProperties
Fannie Mae owned properties
http://www.homepath.com/
CountryWide & Bank Of America owned properties
http://bankofamerica.reo.com/search/propertysearch.aspx
Wells Fargo owned homes
http://www.pasreo.com/pasreo/public/propertySearch.do
Citibank Owned Homes
http://www.citimortgage.com/Mortgage/Oreo/SearchListing.do
Freddie Mac owned homes
http://www.homesteps.com/hm01_1findahome.htm
A REO (Real Estate Owned) is a property that goes back to the bank after an unsuccessful foreclosure auction. Since what is owed to the mortgage company is almost always more than what the property is worth, very few foreclosure auctions result in a successful sale. When the property "reverts" to the bank. It becomes an REO, or "real estate owned" property.

Most foreclosure auctions do not result in bids. After all, if there was enough equity in the property to satisfy the loan, the owner would have probably sold the property and paid off the bank. That is why the property ends up at a foreclosure or trustee sale.

FOR REO properties the bank will handle the eviction, if necessary, and may do some repairs. They will negotiate with the IRS for removal of tax liens and pay off any homeowner's association dues. As a purchaser of an REO property, the buyer will receive a title insurance policy and the opportunity to investigate the property.

Banks always want to sell a property in "as is" condition. Your offer should include an inspection contingency period that allows you to terminate the sale if the inspections reveal unanticipated damages that the bank will not correct.

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