Learn about bank-owned properties.
New Mexico REO (Real Estate Owned) properties can be a great bargain for home buyers. They can offer below market pricing and lucrative incentives, from closing cost assistance to fresh paint and brand new carpet. There are dozens of bank-owned properties in the Albuquerque Metropolitan Area.
A foreclosure is the legal process that allows the lender to recover and sell a property after the owner has defaulted on the loan.
An REO is a term used to describe a bank-owned property. It stands for, Real Estate Owned. A property becomes an REO when the lender has foreclosed on the previous owner and has taken ownership of the property. However, it’s common for the term foreclosure, to refer to bank-owned homes.
A pre-foreclosure is just as it sounds. It’s a property that hasn’t yet been foreclosed on. The owner is behind on payments, but can still sell the property before the bank intervenes. The sale often occurs as a short sale.
A government foreclosure is a property that had an FHA insured loan that was defaulted on.
Now, rather than the bank taking back the property, the government takes ownership, where it then becomes a HUD-owned Home.
The Department of Veteran Affairs, similar to HUD, foreclosed on the property that was purchased with a VA secured loan.
Since the loans are guaranteed by the federal government, the lender receives a full refund of the lost money. The property is then sold by the Department of Veteran Affairs.
Syan Real Estate specializes in Foreclosures, REOs, Pre-foreclosures, Government Foreclosures (HUD Homes) and VA Homes. We have the resources to assist you in finding your next home or investment property.
You can perform a property search directly from the MLS, or allow an experienced local real estate agent to locate listings for you based on your specific criteria. We can also set you up with free listing alerts so you know the second a new property hits the market, before most agents do.