Bank of America Puts Short Sales Ahead of REO

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8 Rules for Making Offers on "Bank-Owned" Property by Cameron Dunlap:. This is especially true when you are dealing with a major bank like “Bank of America” or “Chase”. They are lending and foreclosing all around the country, and they are getting offers from investors in all 50 states.. Short Sale, REO or HUD listing – go ahead.

In this real estate market, there are a lot of foreclosed homes owned by banks, known as Real Estate Owned or REO properties. If a home is not purchased at the foreclosure auction, its ownership reverts to the bank, and the bank will then turn around and sell the home on the open market.

If the property sells to a third party at the auction, the bank or lender recoups some of the cost of the outstanding loan balance, interest and fees from the sale of the property. REO Status. If the home fails to sell at auction to a third party, possession typically passes to the lender and it becomes a Real Estate Owned (REO) property.

Short Sale vs. Bankruptcy. The American economy seems to be recovering, albeit on very wobbly legs. The housing market, however, is still in rough shape. Many American homeowners are unable to meet their debts, either because of adjustable rate mortgages that got ahead of.

While far less scrutinized than subprime lenders or Wall Street banks, these firms undermine efforts by government and the mortgage industry to put struggling homeowners back on track at a time of.

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If the choice is right, you could help a homeowner stave off a foreclosure if you buy a short sale, or you could help alleviate the nation’s glut of bank-owned properties.

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Read more: 6 signs you should sell your home, according to experts In short, the prospect of homeownership is. My wife and.

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