REO
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A bank-owned property has gone through a foreclosure process and an unsuccessful auction sale. After an unsuccessful sale, the bank retains ownership. This type of property is also called an REO property. A bank-owned property carries the benefit of a fast escrow, and, sometimes a price lower than the appraised market value. By the time a property moves from foreclosure to bank-owned status, many of the liens and other expenses have been lifted. If the property is located in a stable |
| area, it's likely that the neighboring property values will be higher. In many cases, the bank has cleaned, painted, and replaced broken items so that the home shows well and looks good. On that same note, some bank owned properties have had extended periods of vacancy, and if it is not cost effective for the bank to paint or repair, the bank will sell it "as is" for a lower price. In most cases the bank will repair only necessary items for the property to function, like air conditioning/heating, plumbing, and electrical. Please click on our Bank Owned Properties list for our current bank owned properties in the Corona area and surrounding cities. |
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