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Bank Owned Properties
A Foreclosure occurs when a homeowner misses his or her payments and defaults on the mortgage. Property in foreclosure is often referred to as “distressed” because the owner is in financial distress and is behind on his or her payments. The owner’s financial distress can be caused by a variety of unfortunate circumstances. This often results in a bargain buying opportunity for a well-informed homebuyer or investor, who can end up helping the homeowner avoid serious credit problems.
REO stands for Real Estate Owned (by the Bank.) REO properties are another great opportunity to purchase foreclosures. The REO stage is the process after the auction, when the lender is either the successful bidder or there are no bids at all. In either case, the bank becomes the legal property owner and the property is considered a “non-performing asset” of the bank, which is a fancy way of saying the bank doesn’t want to hold on to the property. This means a solid buying opportunity for you, the homebuyer.
While buying property from the bank is the easiest way to purchase a foreclosure, the savings opportunities are typically less than buying a pre-foreclosure or auction propertyA foreclosure doesn’t just happen overnight. A typical foreclosure timeline can extend over several months. Each stage of the foreclosure process offers different types of opportunities for the buyer. The three stages of the Foreclosure process are (1) Pre-Foreclosure (2) Foreclosure Sale/Auction and (3) REO or Real Estate Owned by the Bank. Our site offers information and listings for all three phases of the Foreclosure process.
To view the foreclosures in Mammoth Lakes, click on the provided link:
VIEW FORECLOSURES
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