Looking to buy a home and want to know what the difference is between a foreclosure and a bank owned property
Hello K.
It does depend on how the terms are being used. Bank owned is referring to the fact that the property is now owned by the bank. A foreclosure is the process that the bank/lender/note holder goes through to get the property back after the owner defaults on the loan. So, the foreclosure process leads to the property being bank owned after it goes through.
If someone says the property is a foreclosure property, the key question to find out if the bank owns it yet, or if it is still in the foreclosure process, which can take 124 days or more depending on the situation.
Sometimes people will use the terms interchangeable but a foreclosed property does not always mean the bank owns it already. Just because a property goes into foreclosure does not automatically mean it will be bank owned. The owner could cure the default and/or a buyer could show up at the trustee sale and buy the property before it goes back to the bank.
Hope this helps.
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