Real estate owned or REO is a class of property owned by a lender, typically a bank, and most commonly acquired after an unsuccessful sale at a foreclosure auction. This is common because most of the properties up for sale at these auctions are worth less than the total amount owed to the bank (negative equity): the minimum bid in most foreclosure auctions equals the outstanding loan amount, the accrued interest and any fees associated with the foreclosure sale (minimum bid in Franklin and Delaware Counties is 2/3rds of appraised value however, the banks frequently go in much higher than this and thus in most instances buy the properties themselves at auction).
After an unsuccessful auction, the bank will go through the process of trying to sell the property on its own. It will remove 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 properties are in poor shape in terms of repairs and 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.
Below you will find links to the banks private REO Websites which include their local foreclosure listings. You can search through these sites individually, or if you’d prefer we can put together a custom search for you and send you properties matching your personal criteria as they become available. Please give us a call, or send us an email with this request. Please let us know if you are also interested in considering pre-foreclosure (short sale) listings, these properties are typically in far better shape than REO properties, but prices can be just as low.
If you, or someone you know is considering Buying or Selling a Home in Columbus, Ohio please contact The Opland Group. We offer professional real estate advice and look forward to helping you achieve your real estate goals!