Bank-owned or real-estate owned (REO) properties are those that have been repossessed by the banker following an unsuccessful foreclosure auction. Since 2008, the number of foreclosures in the market had been on the rise in Canada, until 2015 when the trend began to show a decline. However, all things considered, a bank-owned foreclosure is the best bet for customers looking to score a good bargain on a purchase. Some of the advantages of an REO property include the fact that they are generally available below market value and free from any of the liens or encumbrances that came with the title from the previous owners.
However, before purchasing an REO, customers need to be forearmed with the knowledge what’s in store for them while buying a bank-owned foreclosure. The infographic below has been designed with the aim at providing customers a breakdown of what an REO is and what are the steps that they must take in buying a foreclosed home.
Buying a home next year? Look out for foreclosed homes. Maybe you’ll find a better deal than most first time homes. Reach out to the author of this post by leaving your comments below. We would love to hear your home buying experience. Rate and share this post.
Jeremy
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