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Bank Owned and REO Condos in California

When nobody bids on a defaulted condo at the public foreclosure auction, the lender bids for the amount owed. They become the owner on record, and the condo becomes Real Estate Owned (REO) or bank owned property. Most California REO Condos are listed with Realtosr on the MLS. Buyers looking to buy these bank owned properties can search online on the MLS at no cost. REO properties can also be found online from specialized foreclosure sites like RealtyTrac and the Bargain Network. These services do require a fee, but they all offer free test periods of atleast one week.

Banks don't like carrying homes. They are in the lending business, not the real estate or land lord business. They usually will price REO condos at a discount to try and have them taken off their books in a realtively short period of time.

Here is a list of banks sites to find their inventory of REO Bank Owned Houses:

With expensive California Real Estate Prices, bank owned condo's are a popular way to get affordable housing. In some areas the foreclosure condo is a hundred thousand cheaper than an identically sized condo in the exact same complex.

 

Buying a Bank Owned REO Condo's in California

Purchasing Bank Owned Condos is almost the same as purchasing any other property with the help of a Realtor. Nearly all REO properties are listed. The main difference is that REO Condos are sold as is.

Most all REO and Bank Owned Condos are found on the MLS. These are easy to find as you can actually they are usually the least expensive condominiums for sale.

Search for CaliforniaForclosed condos on the MLS for:

 

 

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