Can a home be listed as both corporate owned and foreclosure?

Asked by Elypieto, 60160 Fri Jun 8, 2012

We are looking into buying a home, the listing is as corporate owned but as we get down to the details in closing they are including "foreclosure" in the paperwork and selling it as is. Is there a difference in both? For the fees and all that we can negotiate. We are first time buyers and really confused.

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Peter Kedzior, Agent, Elk Grove Village, IL
Mon Jun 11, 2012
I agree that buying a "corporate owned" property can be confusing. All what you normally would expect from a "regular" seller: full disclosure about potential problems, quick response time, flexibility and showing the buyer that his/her concerns are being addressed - are missing when you express interest to purchase a bank-owned/foreclosed home. Choosing the right Broker is paramount if you want to avoid the confusion and dissatisfaction that is so common for most of buyers who are new to buying corporate owned properties.
0 votes
Lyle Wolf, Agent, Morristown, NJ
Fri Jun 8, 2012
You need to be working with and represented by a Realtor if you are not already. Your Realtor can get to the bottom of who owns the propery and what the status is.
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Anthony Cava…, Agent, Jolier, IL
Fri Jun 8, 2012
Corporate owned is code for bank owned 90% of the time, just like preforeclosure is code for short sale.
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Marge Bennett, Agent, Fort Myers, FL
Fri Jun 8, 2012
These are questions you should be asking your Realtor. In our market those terms are used interchangeably
0 votes
Ron Thomas, Agent, Fresno, CA
Fri Jun 8, 2012
"Corporate Owned" probably refers to the Company that is either holding the paper, or the Company that is managing the Foreclosure and sale for the Bank.
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