| The economy's been sailing through more than a few | | | | Most of these homes are listed within the lender |
| rough shoals these last 18 months, and many people | | | | websites all of these organizations have set up. Other |
| have ended up losing their homes to foreclosure as a | | | | good sources for finding bank owned houses are on |
| result. This unfortunate circumstance occurs when | | | | foreclosure listing sites, newspapers, and the county |
| good people fall irretrievably behind in their mortgage | | | | property office in the county in which the home sits. |
| payments and the bank or lender ends up | | | | Foreclosure activities are a matter of public record, as |
| repossessing the property. Now, who wants to know | | | | are notices of sheriff's sales and pending foreclosure |
| about bank owned houses? Just about everybody, | | | | actions. |
| these days. | | | | In cases like the latter, when it's probable a home will |
| These sorts of properties go by various names. | | | | go into foreclosure; buyers might want to consider |
| They're sometimes known as "REO" (real estate | | | | contacting the owners themselves and see if a |
| owned) homes, and sometimes as lender-owned | | | | possible "short sale" can be worked out. A short sale |
| homes. Whatever they're called, the fact is they now | | | | is nothing more than the owner selling the home - with |
| belong to a bank or other institution holding the | | | | the permission of the bank or lender - for less than |
| mortgage on the property. What's also a fact is that | | | | what is owed on it in order to get out from under the |
| many of these homes can be a good investment or | | | | mortgage and avoid a foreclosure. |
| outright purchase (to live in) opportunity for many | | | | Most bank owned homes actually sell through the |
| qualified people. | | | | auction process, where a home may go for tens of |
| The first question, then, that needs to be asked is | | | | thousands under its appraised and market values. |
| exactly how one goes about finding one of these | | | | Banks do this in order to realize a return on investment |
| homes? As always in this day and age, the answer | | | | and to eliminate a drain on its own fiscal resources. |
| lies on the Internet. For a fact, many banks, lenders and | | | | When taken in its entirety, this aspect of real estate |
| other property management entities have whole | | | | might be just the thing for someone in the market for a |
| catalogs of these houses available to the browser | | | | home, either as an investment or as a real place to |
| who may be looking for something that can be bought | | | | live. |
| at significantly below-the-market rates in most cases. | | | | |