Laws and regulations governing the processing and foreclosure timelines can change.The ‘strict’ or judicial foreclosure process requires the lender to go to court and obtain a judgement.This means effectively paying the borrower to get out and simplify the process.The non-judicial foreclosure process is much simpler, and faster.This is a document and legal instrument which allows the borrower to voluntarily hand over the title deed and rights to the property, instead of being foreclosed upon.In recent years some lenders have operated ‘cash for keys’ operations.
Real estate becomes bank owned property when borrowers become delinquent and default on their financial obligations.
This Definitive Guide offers an overview of where, how, and why to source bank owned property.
For more in depth information on how to source bank direct distressed assets get this free course In this guide you’ll learn about: Bank owned properties, or bank ‘REO’ remain the most desirable type of real estate for savvy real estate investors, brokers and agents, corporate acquisition specialists, and even end buyers.
They offer potential for better deals, and better returns, with less competition.
Contrary to some media hype, bank owned property and REO are still widely available.