Foreclosures and Bank Owned Properties

An REO (Real Estate Owned) is a property that goes back to the mortgage company after an unsuccessful foreclosure auction. You see, most foreclosure auctions do not even 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.

Foreclosure sales begin with a minimum bid that includes the loan balance, any accrued interest, plus attorney’s fees and any costs association with the foreclosure process. In order to bid at a foreclosure auction, you must have a cashier’s check in your hand for the full amount of your bid. If you are the successful bidder, you receive the property in “as is” condition, which may include someone still living in the property. There may also be other liens against the property.

Since what is owed to the bank is almost always more than what the property is worth, very few foreclosure auctions result in a successful sale. Then the property “reverts” to the bank. It becomes an REO, or “real estate owned” property.

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3 matches found

$335,900
Front View of Subject
View Photos (130)
Property Type: Residential
# of Bedrooms: 3
# of Bathrooms: 3
Square Footage: 2685
Year Built: 2007
Area: Hurricane Valley
Subdivision: APPLE VALLEY RANCH
Description: Great Sized Home on a Large 1 acre lot with amazing views of Smithsonian Bu...
Listing Office: OUTLAND REAL ESTATE GROUP, INC.
Last Updated: May - 22 - 2020
$525,000
3737 Mitchell DR, Washington, UT 84780
View Photos (21)
Property Type: Residential
# of Bedrooms: 5
# of Bathrooms: 3
Square Footage: 3575
Year Built: 2007
Area: Greater St. George
Subdivision: STONEHEDGE AT THE WASHINGTON BENCH
Description: Amazing Custom Home. Completely Upgraded. Theater Room, 2x6 Construction. B...
Listing Office: RE/MAX FIRST REALTY (UTAH)
Last Updated: March - 31 - 2020
$550,000
FRONT
View Photos (30)
Property Type: Residential
# of Bedrooms: 5
# of Bathrooms: 3.5
Square Footage: 3391
Year Built: 2007
Area: Greater St. George
Subdivision: TENAYA ESTATES
Description: Great Single Level Home In West Ivins... 5 Bedrooms, 3.5 Bathrooms, 2 Laun...
Listing Office: RE/MAX FIRST REALTY (UTAH)
Last Updated: March - 30 - 2020

Information deemed reliable but not guaranteed.

 

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