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Rowena Patton's Blog

By Rowena Patton | Broker in Asheville, NC

Check out a bank owned property as well as foreclosures in Asheville NC

REO or Bank Owned Property in Asheville NC

If you are looking for a great deal in real estate, consider a bank owned property in the Asheville NC area, or an 'REO' - Real Estate Owned. This is Asheville area Property which is in the possession of a lender as a result of foreclosure or forfeiture.

Once Asheville property is bank-owned it generally means that the bank has negotiated with the owner for a number of months. Eventually they decide to foreclose or take back the property, and then it is attempted to sell it on the 'court house steps'. If this is unsuccessful, the bank often lists the property for sale. As you can imagine, it is usually priced to sell at this point, as the bank is ready to offload it!

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