Homes can become bank-owned properties if the homeowner defaults on their mortgage and the bank forecloses. Bank-owned properties may also be referred to as real estate owned, or REO for short.

This article was first published on NerdWallet.com. Home prices are still rising — they’re currently averaging just below all-time highs set in 2006, according to the Case-Shiller Home Price Indices.

Jeff Somers is a freelancer who has been writing about writing, books, personal finance, and home maintenance since 2012. When not writing, Jeff spends his free time fixing up his old house. He has ...

Getting a bargain or reduced price on a home in today’s market seems like a long shot. But a bank-owned property may offer one way for a homebuyer to purchase an affordable home or a home in an area ...

REOs are bank-owned properties not sold at foreclosure auctions and sold at discount. REOs arise when loan defaults lead to unsuccessful auction sales, necessitating direct sale. Buyers, particularly ...

Whether you’re looking for a home to live in or use as an investment, you may come across a bank-owned property in your search. These properties can be listed for sale just like any other ...

Home prices are still rising — they’re currently averaging just below all-time highs set in 2006, according to the Case-Shiller Home Price Indices. Combine that with slim housing inventory in many ...

Bank-owned properties can offer quite the deal. In most cases, these are homes that were passed up during a foreclosure auction, and now, the bank is on its last line of defense. They need to sell the ...