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WHAT CAN EXPERIENCE DO FOR YOU? Whether you are a first time home buyer, a home seller, or an experienced real estate investor, you will find www.rhondarosenthal.com extremely informative. If you’re considering a move to or from the Philadelphia suburbs, we can help. We love our towns of Blue Bell, Upper Dublin, Horsham, Lower Gwynedd, Whitpain and surrounding Montgomery and Bucks County areas. Our website is the most useful real estate site available for you.
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 Foreclosures >2. What Is a Bank Owned Property? When a home owner misses payments on his or her mortgage, the loan becomes default and the home or property becomes distressed. What happens next depends on an appraisal and the equity of the home. If short sale isn’t a viable option for the home owner and the lender, the foreclosure process takes over and the home or property goes up for foreclosure auction. A bank-owned property (also referred to as a "real estate owned" or "REO" property) is one that was up for sale at a foreclosure auction but did not sell and therefore now belongs to the lender (usually a bank, but can also be any government agency or loan insurer.)
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