Upcoming Foreclosures

Bank-owned home? Foreclosure?

I found a home online that is 'bank-owned'. What does this mean? The website doesn't list the bank, but I have the address of the home. Who would I need to contact about it?

Public Comments

1. Bank-owned means EXACTLY that, it is OWNED by a BANK. If you want to look at it do the same thing when looking at ANY house for sale and call the listing agent.
2. You would contact the listing agent or auction company (depending on how they are selling it) and/or you would contact your buyer agent if you have one. I strongly recommend using one. I am an agent and the last several foreclosure units where I represented a buyer, the listing agent (who represented the bank) made some major material error. These appeared to be a product of just having too many foreclosure listings. For example, one associate in a "foreclosure factory" accidentally mailed the earnest deposit ($30,000) to the wrong escrow firm. It almost derailed the deal. My buyer was not amused. The only real difference in the transaction is that the bank draws up a ridiculously tilted contract rider absolving them from any defect and making the buyer's deposit binding. Also, they tend to refuse to make any repairs. They get more negotiable if you are offering all cash because no loan is in play. Also, they like quick closing periods.