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Foreclosures >2. What Is a Bank Owned Property?
When a home owner misses payments on his or her mortgage, the loan becomes default and the home or property becomes distressed. What happens next depends on an appraisal and the equity of the home. If short sale isn’t a viable option for the home owner and the lender, the foreclosure process takes over and the home or property goes up for foreclosure auction.
A bank-owned property (also referred to as a "real estate owned" or "REO" property) is one that was up for sale at a foreclosure auction but did not sell and therefore now belongs to the lender (usually a bank, but can also be any government agency or loan insurer.)
Janet Holden and Pamela Eng Century 21 New Millennium 601 South Main Street Culpeper, VA 22701 We are THE HOLDEN GROUP, Licensed in VA Office: (540) 825-1613 ext. 236 Cellular-Janet: 540-672-8624 Cellular-Pam: 703-618-6036 Fax: 703-436-8610 Email Janet: JanetHolden@theholdengroup.com Email Pam: email@example.com
Janet Holden, Associate Broker, The Holden Group at Century 21 New Millennium.
#33 - National Ranking - 2008
#5 - Mid Atlantic States - 2008
CENTURY 21 NEW MILLENNIUM
Janet earned this honor by consistently providing her clients with service beyond their expectations. She and her team of licensed assistants are highly experienced in residential, farm, and land development.
brought to you by Janet Holden NUMBER1EXPERT in real estate for
Culpeper and Warrenton, Virginia