In the rough-and-tumble real estate market of the last couple of years, the parlance of “distressed” properties has become commonplace. Increasing numbers of homeowners want to get out from under high mortgages on properties with plummeting values, and more buyers seek out value by looking for properties that others can no longer afford. Buyers and sellers, not just real estate professionals, toss around terms like "short sale," "bank-owned" (or "REO" for "real estate owned") and "foreclosure."
Bank-owned or "REO" properties are already foreclosed, and buying one can offer an affordable option. Unlike the more complex process involved in a "short sale," where a homeowner wants to sell to a buyer for less than he owes the bank on an existing mortage, a buyer purchases an REO property directly from the bank, usually through a listing agent. And unlike at a sale by foreclosure auction (which happens before the bank ends up owning a property), the prospective purchaser has a better chance to investigate the property’s title and condition.
The properties listed below have been through the foreclosure process and are now owned and listed for sale by banks. Most of these homes last sold for far more than the current listing price, anywhere from four to ten years ago. However, while foreclosed properties owned by a bank (REOs) may offer buyers a bargain, they are not without risks and not always as cheap as a buyer might imagine.
A potential buyer of an REO should consider that banks are seeking to recover as much of the value in their investment as they can, and often expect buyers to take on homes in less-than-ideal condition “as is.” Always check with a realtor, real estate agent or attorney if you think buying a foreclosed REO is for you. Click on the address for property details.
LAST SALE DATE
LAST SALE PRICE319 Randolph Street $524,900 3/2 2003 $763,000
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