Foreclosed Properties

• What are foreclosed properties?

A foreclosed property – also known as Real Estate Owned (REO) – is a home that was once customer-owned but has been turned back to the mortgage holder as the result of a foreclosure action or acceptance of a deed-in-lieu of foreclosure. 

A foreclosure can occur when mortgage payments are not made over a period of time and efforts to resolve the default are unsuccessful. While we make every effort to help customers remain in their homes, sometimes foreclosure becomes the only option.

• How can I find foreclosed properties in my area?

Consult your local real estate agent to assist you in finding foreclosed properties that might be of interest to you.

• Are properties sold at a discount?

Properties are listed at fair market value. Real estate agents review similar listings for price comparisons, assess the property condition, and set an accurate price. 

• Do I need cash to buy a foreclosed property?

You can finance many REO properties through a lender of your choice. Home inspections on foreclosed properties may be required for certain types of financing.

• What conditions are the homes in?

This varies from property to property, but generally speaking when new buyers purchase a home they minimally like to paint and replace flooring. Other will also replace appliances and do some landscaping.

• How quickly can I get a response (acceptance/ counter) to my offer from the bank?

It varies from situation to situation. Having the bank involved in the negation does lengthen the purchase timeframe, but can be well worth it.