Bank Owned properties (also known as “Real Estate Owned” or “REO” properties) are owned by the lender. Occupancy status, accessibility, and condition are often unknown for properties that have recently completed the foreclosure process. Other properties may be vacant and often feature interior access. See the Property Details for more information. Buyers can bid, win, and close on these properties using the online auctions on Auction.com.
Foreclosure Sale properties are scheduled to be sold through a public auction. Occupancy, accessibility, and condition are often unknown.
These are often turn-key opportunities for investors to enter the rental real estate business. These rentals are auctioned with a tenant and lease in place, with the terms of each lease agreement, payment history and security deposits (if any) varying from property to property.
A short sale property is a home that a borrower is attempting to sell for an amount lower than the mortgage debt. Auctions of short sale properties are usually financeable, have interior access through an agent and are great for homebuyers or investors.
[Note: Ohio and Florida foreclosure sales are online]