Bank owned properties, REO properties, and foreclosure properties: all of these terms refer to properties that are in the direct control of a bank because the homeowner defaulted on his or her mortgage loan.
Because the bank needs only a percentage of the property's market value to settle the amount of the mortgage debt, foreclosure properties for sale can often be found for great prices.
Keep in mind that bank owned properties are sold as is. If you're a buyer looking at purchasing a Redding foreclosure for sale, a professional inspection of the home is highly recommended.
The good news is that the family of REALTORS® at Coldwell Banker C&C Properties will be glad to help you through the process of buying a bank owned home. Contact us today!