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Real Estate Tips
Foreclosures >2. What Is a Bank Owned Property?
When a home owner misses payments on his or her mortgage, the loan becomes default and the home or property becomes distressed. What happens next depends on an appraisal and the equity of the home. If short sale isn’t a viable option for the home owner and the lender, the foreclosure process takes over and the home or property goes up for foreclosure auction.
A bank-owned property (also referred to as a "real estate owned" or "REO" property) is one that was up for sale at a foreclosure auction but did not sell and therefore now belongs to the lender (usually a bank, but can also be any government agency or loan insurer.)
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Real Estate Trivia
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What is encroachment, and how might it affect a property owner?
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Encroachment, refers to the unauthorized intrusion of a building or improvement onto another person's property; it often requires a surveyor's report to support the claim. |
See More Real Estate Trivia > |
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Joe & Missy Cleary RE/MAX Alliance Group 5140 Ocean Blvd. Sarasota, FL 34242 Office: 941-954-5454 Fax: 941-954-5455 Missy Cell: 941-809-3410 Joe Cell: 941-650-8485 Email: clearygroup@gmail.com
Hello! We are The Cleary Group of RE/MAX Alliance Group in sunny Sarasota, Florida. Our team of agents includes Brenda Bradshaw, Matthew Donovan and Cheryl Torres. We also serve Siesta Key, Pelican Cove, Bradenton, Venice, Longboat Key, and Lido Key, and have been selling in this area for over 10 years! We specialize in residential and condominium sales on the mainland and The Keys of Sarasota, Florida.
Our high tech approach to the business enables us to keep close contact with our clients and to constantly learn new marketing techniques for our listings. We particularly enjoy working with people who are relocating to the area for retirement or those who are just starting new careers in this lovely community. Please call us toll free 1-877-814-1233 or email us today at Clearygroup@gmail.com. 
www.theclearygroup.com
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