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June 11, 2008

Bank Owned Homes

Bank owned homes are houses which have been returned to the bank due to foreclosure. Before real estate is returned to lending institutions there must first be an attempt to sell the property through a foreclosure auction.

Oftentimes, bank owned homes are worth less than the balance due on the mortgage note. This frequently stems from the fact that previous homeowners have creditor or tax liens attached to the property. In some instances, there may also be second or third mortgages financed against equity the borrower had accrued through their home.

Real Estate Investing article on "Bank Owned Homes"