what does corp owned mean?

Asked by Patricia Scheierman, Payson, AZ Thu Oct 25, 2012

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Jon Bright, Agent, Payson, AZ
Thu Oct 25, 2012
Hi Patricia: In our Payson market, usually a straight foreclosure will be listed as "Bank Owned",Fannie Mae, Freddie Mac, HUD or will list the foreclosed owner outright, such as Bank of America.

Corporate Owned "usually" means the property was purchased at auction in a bundle and the owner is Capital company this is selling off the assets of the bundle. Again, "usually" these corporations are looking for a minimum return on their investments and these homes can be purchased at an advantageous price. If you check the tax records, you may see, ABCD Capital, LLC or something like this. Pretty much the same as buying directly from the foreclosing bank, no disclosures, no history of the house, lots of addendum's to sign, etc. But, you could get a real deal!

All the best,
1 vote
Linda Grey, Agent, Port Orange, FL
Fri Oct 26, 2012
Corp is short for corporation, so when you see corp owned it simply means that a corporation owns the property. A property can be corp owned and not be a foreclosure, it can be a resale just owned by a corporation. Here in Florida we do have homes and properties that are owned by a corporation both when they buy a resale and when they sell.

Best of luck in your home search.
Web Reference:  http://www.TheBeachLady.com
0 votes
Brad Bergami…, Agent, Prescott, AZ
Thu Oct 25, 2012
I hope it doesn't mean Corps, yuck, owned but it might mean Corporate owned. Just meaning that an individual doesn't own the property.
Good luck,
0 votes
Mike Sullivan, Agent, Gainesville, FL
Thu Oct 25, 2012
Bank Owned, REO, Corporate owned...they all mean essentially the same, in that you're looking at a foreclosed property.
0 votes
My NC Homes…, Agent, Chapel Hill, NC
Thu Oct 25, 2012
Just another way of saying bank owned. You're looking at a foreclosure sale and I've attached a link below specifically about foreclosure sales that I think you'll find enlightening
0 votes
Suzanne MacD…, Agent, Morristown, NJ
Thu Oct 25, 2012
It usually means bank owned, they terms are used synonymously. Once a property has been foreclosed on, and the title goes back to the bank, it can be said to be corporate owned since the bank is a corporation.
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