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Real Estate Tips

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 isnt 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.)

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Real Estate Trivia

Q	What is considered one of the key elements of the American dream?
A	Home ownership is considered to a key to the American dream; more than 2 million first-time buyers bought property last year.
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Morris Westlund, REALTORŽ, real estate agent and broker for Lake Oswego, Tigard and Tualatin, Oregon home listings, property and land for sale - NUMBER1EXPERT

Morris Westlund
Windermere/Bridgeport Realty Group
16760 SW Upper Boones Ferry Road Suite #103
Portland, OR 97224
Direct: 503-781-1981
Office: 503-639-7914
Fax: 503-639-5202
MorrisWestlund@gmail.com
Buying and selling a home is one of the biggest events in your life. As a top Lake Oswego, Tigard and Tualatin real estate agent, I have the experience and track record you are looking for. Please let me help.

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