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What you need to know...


It is a procedure by law; whereas 'real-property' is held as security for re-payment of a debt and is sold to pay the debt in the event of default. If the borrower defaults, the lender can begin the action of foreclosure. Note: Laws vary from state to state.

REO (Real Estate Owned):

After the foreclosure action is complete, the ownership of the home reverts back to the bank or lender. The home - collateral for the loan - becomes an asset on the bank/lender's books. This asset is referred to as 'Real Estate Owned' or REO.

Understanding the Seller

Lenders and mortgage banks are in the money lending business - not the real estate business. As such, when they take ownership of a property through foreclosure, their primary concern is disposing the asset (getting it off their books) as soon as possible. Understanding the REO Asset What is fair market value and how is it determined?

he bank/lender normally involves at least two local real estate professionals in determining market value. The first is a real estate broker. The second is usually a certified appraiser. Both professionals complete detailed property reports, which include: interior/exterior photos (depicting condition), listing and comparables as well as an estimate of repairs needed. In addition, their report will include both as-is and as-repaired property values.

Banks/lenders are no different than other sellers. Like you, they want the best terms, the best price and a quick closing. Foreclosure / REO Links Send Me a Recovery Email

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