Bank Owned Homes
What is Bank Owned?
Bank Owned Property, also known as Real Estate Owned (REO), is property that has gone all the way through the foreclosure process. The property was scheduled to be auctioned off by a bank but no one attempted to buy the property so it was reverted back to the banks ownership.
The great thing about bank owned property is that you will get a quick response on an offer. Short Sales can take months and months but a Bank will respond to offers in a matter of days. Also, they are priced agressively to sell within the first 30 days.
Some of the downsides to Bank Owned Properties are the condition that some are in. However, with specialized loans like the 203(k) program it is possible to buy the house AND have money left over to make repairs.
Here are all of the Bank Owned Listings in Clark County. We can help you outside of Clark County too, just ask!