Find Bank Owned (Real Estate Owned or REO) listings for:
- Boise, ID Bank Owned Homes
- Eagle, ID Bank Owned Homes
- Meridian, ID Bank Owned Homes
- Nampa, ID Bank Owned Homes
What is a REO?
Real estate owned or REO, and commonly referred to as Bank Owned, is property that is owned by the lender after an unsuccessful sale at a foreclosure auction. Most lenders typically set the opening bit at a foreclosure auction at, or very near, the amount of the outstanding mortgage loan.
In today’s market, a foreclosure auction often results in no bids on the property as the value of the property is lower than the outstanding mortgage loan, which results in the lender legally repossessing the property after auction. As soon as the bank repossess the property it is listed on their books as REO and categorized as a non-performing asset.
Find out more about what Bank Owned property is in the article, “What is a REO home?“. You can also find out more about the difference between a HUD home and a Bank Owned home in the article, “HUD Home vs Bank Owned Home“.
What is a HUD Home?
HUD (US Department of Housing and Urban Development) Homes are actually Real Estate Owned (REO) homes! What makes a HUD Home different is that the home was financed with an FHA (Federal Housing Administration) insured mortgage. So instead of a private lender repossessing and selling the property it is HUD who is doing the selling.
HUD Homes are also sold in a much different manner than your traditional Bank Owned property. After the foreclosure auction has ended with no successful bid a HUD Home goes up for sale in a blind auction where there is an open bidding period for potential owner-occupants and then, if no successful bids, potential owner-investors.
If you think you would be interested in finding out more about HUD Homes here in Boise Idaho please don’t hesitate to Contact Me!
Find out more about what HUD Homes are in the article, “What is a HUD home?“.