properties up for sale at these auctions are worth less than the
foreclosure auctions equals the outstanding loan amount, the
accrued interest and any costs associated with the foreclosure
sale including attorneys' fees.
After an unsuccessful auction, the bank will go through the
some of the liens and other expenses on the home and try to
resell it to the public, either through future auctions or direct
marketing through a Realtor. Generally speaking, bank REO
maintenance; however, real estate investors will often go after
these properties as banks are not in the business of owning
homes and so, in some cases, the low price can more than
compensate for the condition of the property.
Once a property is REO, the bank or lender will try to get rid of
the property by either selling it directly themselves or thru an
established broker. Many larger banks such as Bank of America
and Wells Fargo have REO/asset management departments
that will field bids and offers, oversee upkeep and handle sales.
To find REO listings please refer to Property Search
Real Estate Owned (REO)
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