What does "Bank Owned foreclosure" mean?

Asked by Lakesiderose, Grandville, MI Tue May 28, 2013

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Michael VDov…, Agent, Hudsonville, MI
Tue May 28, 2013
It means basically that its a foreclosure. It seems the person that noted this did it in the long way. If you see R.E.O. - it means Real Estate Owned but another way to say foreclosure. If you have any further questions / concerns or I can help you with any houses and/or get setup to recieve MLS listings emailed to you; give Dave a call at 616-866-5974.

Thanks, look forward to hearing from you soon. Have a great afternoon!
1 vote
Michael VDov…, Agent, Hudsonville, MI
Wed Sep 18, 2013
It is referring to a foreclosure or as its termed by the bank a R.E.O. (Real Estate Owned).
0 votes
Ben Tant, Both Buyer And Seller, Walker, MI
Tue Sep 17, 2013
It would mean that the bank owns it.
0 votes
Elvin Carroll, Agent, Grand Rapids, MI
Wed May 29, 2013
As already mentioned, "bank owned foreclosure" mean it is owned by a bank ( or some other financial entity). Sometimes you might see REO, or even corporate owned.

Need real estate help? Elvin Carroll helps people buy, sell, and trade real estate in all economic trends and shifting markets.
Web Reference:  http://www.elvincarroll.com
0 votes
Brek Schutten, Agent, Grand Rapids, MI
Tue May 28, 2013
Bank Owned Foreclosure means that the previous owners failed to make the payments on the house and the bank repossessed it. It is now in the possession of the bank who lent the money to the previous owners to purchase the property.
Web Reference:  http://www.BrekSchutten.com
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Robb Breen, Agent, Newaygo, MI
Tue May 28, 2013
Bank owned foreclosure means that the former owner has lost the home to the bank for non payment of the mortgage. The bank that made the mortgage loan now owns the home. Literally the home is owned by the bank or other lender that loaned money to the former homeowner. When buying a home knowing whether it is bank owned or not can be very important to you as the buyer. Please let me know if you have any other questions I may be able to help you with. I deal with bank owned homes both as a listing agent and a buyer agent and will be happy to help you with your questions.
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Pam Bava, Agent, Rochester, MI
Tue May 28, 2013
It means what it says. The house went into forclosure due to failure to pay by the owner and the bank owns it now. So if you see a property that is a fore closure and is bank owned you can place an offer in it.
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