![]() If this occurs, the homeowner may have the option to go through a short sale in order to unload the property and pay off their remaining loan. Often, a bank or other institution becomes the owner of property when the original mortgage holder severely defaults on their loan. There are a handful of situations where this can happen. ![]() Real estate-owned property-also called bank-owned property-is when a lender or government entity, such as Fannie Mae or Freddie Mac, owns the property rather than an individual or business. However, there are some risks involved that you should know before considering an REO property. These types of properties can be a steal, often selling for below market value. ![]() If you’re in the market for a new home, you may have come across a few real-estate owned (REO) property listings.
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