Home Buying in 60154>Question Details

Neil Martinez, Other/Just Looking in Westchester, IL

What does "Corporate Owned" mean?

Asked by Neil Martinez, Westchester, IL Thu May 20, 2010

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And let's not forget the asset management companies that sometimes swoop in and may buy in bulk, taking hundreds of properties off a banks hands for a discounted cost.
0 votes Thank Flag Link Thu May 20, 2010
Neil:

As you can tell from the answers, it can mean something different depending on local terminology. Here in Northern Illinois, for literally decades, it has meant a property that a relocation company bought from a transferring employee. But, more recently, it also has been used to define properties that are bank owned. If you are looking to purchase a home, I highly suggest that you work with a buyers' agent who can help guide you through the maize, including terminology and determining what the individual property characteristics are.

Hope this helps and much success in your real estate endeavors.
0 votes Thank Flag Link Thu May 20, 2010
It means the property is owned by a relocation company or a lender.
0 votes Thank Flag Link Thu May 20, 2010
"Corporate Owned" real estate is an employee's property that is purchased by their company when they have been transferred to a new city. Sometimes Corporate Owned property is a good deal, but more often than not, the company will require appraisals and broker price opinions in order to list at full market value.
0 votes Thank Flag Link Thu May 20, 2010
Neil Martinez:

Usually means it is an REO owned by a bank.
0 votes Thank Flag Link Thu May 20, 2010
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