Local Foreclosures & Bank-Owned Homes Real Estate Check Out Our Complete List of Foreclosures/ Bank Owned Homes
Foreclosed homes are properties that must be sold to recover a debt resulting from the homeowner being unable to make payments on his or her mortgage. There are several different types of foreclosures, (and laws regarding them differ from state to state) but a majority of the time, these properties then sell at a discounted price, much lower than current home prices.
A Real Estate Owned Property (REO) or Bank Owned Property is one that has already been through the foreclosure process and becomes property of the bank or loan insurer after an unsuccessful foreclosure auction.
The purchase of foreclosed or Bank Owned Property can be a tricky process, and it is important to have reliable information and guidance when looking into buying a foreclosed house.
If you are interested in purchasing foreclosures/bank owned properties in the state of Oregon, please contact our knowledgeable staff at Song Real Estate today!