Homes can become bank-owned properties if the homeowner defaults on their mortgage and the bank forecloses. Bank-owned properties may also be referred to as real estate owned, or REO for short.

Bank-owned properties can offer quite the deal. In most cases, these are homes that were passed up during a foreclosure auction, and now, the bank is on its last line of defense. They need to sell the ...

Getting a bargain or reduced price on a home in today’s market seems like a long shot. But a bank-owned property may offer one way for a homebuyer to purchase an affordable home or a home in an area ...

REOs are bank-owned properties not sold at foreclosure auctions and sold at discount. REOs arise when loan defaults lead to unsuccessful auction sales, necessitating direct sale. Buyers, particularly ...

Want a bargain-priced property? Use these resources to look for bank-owned homes. Bank-owned properties can offer quite the deal. In most cases, these are homes that were passed up during a ...

When a lender cannot sell a default property in a short sale or at a foreclosure auction, it becomes Real Estate Owned (REO). REO refers to a home or other property now owned by a lender— that could ...

This article was first published on NerdWallet.com. Home prices are still rising — they’re currently averaging just below all-time highs set in 2006, according to the Case-Shiller Home Price Indices.