Bank Owned Homes/REO
Whether you are looking to purchase your first home, your next home, or investment properties, Swift Realty will help you profit from huge discounts on bank owned foreclosures. Across the country, a staggering number of homeowners are entering the foreclosure process and many are losing their homes to the bank or lender. As a result, there are more bank owened homes also known as Real Estate Owned (REO) than ever before, creating great opportunities for home buyers and investors to purchase residential real estate whether it be a new home, vacation home or investment property at a discounted price which is significantly lower than the current market rates.
Bank Owned Homes (REO homes) is a term used for properties that have come under the direct control of a bank as a result of a previous homeowner's default on their mortgage loan. Basically, when a homeowner can no longer keep up with their mortgage payments, the lending bank will generally take possession of the home and put it up for sale at public auction. If the property is not sold through the auction, then it is awarded to the bank, which then seeks to sell it off themselves in order to collect the remaining debt owed on the delinquent loan (recover the unpaid loan amount). During the final foreclosure stage, the bank will often make needed repairs to the home and clear any liens on the property in order to sell the home and recoup the loan. The bank will usually sell the home below market value. REO homes are expensive for banks to hold because they require maintenance. The bank will often sell the home for a loss in order to remove it from its inventory quickly.
Our experienced agents at Swift Realty have been serving the foreclosure market for many years. Knowledgeable in all aspects of the foreclosure process we are here to help you get the best deal possible on Bank Owned Foreclosure Homes and Properties.
Swift Realty gives you the listings, tools and resources needed to find and buy REO properties, whether you are new to buying real estate or a seasoned investor. Swift Realty gives you an access to newly listed bank owned homes, and details about each property including current market values, comparable home sales, loan history.
Curious to see how many bank owned properties are available in your area? Start your FREE search for bank owned foreclosure properties today!