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

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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