Search IDX Listings by using an Advanced Interactive Map.
by Jace Stolfo
on Thursday, October 23rd, 2008 at 2:21pm.
Real estate becomes bank-owned after no one bids on it at the foreclosure auction. This is usually because the starting bid is too near, or even above market value.
After the bank puts in their "credit bid," they become the owners of the real estate and the REO department gets it ready to sell. They hire a real estate broker to list the property and generally, little or no repairs are made. They determine the asking price based on appraisals and BPO's (broker price opinions).
There are many bank-owned homes in the Boise, Meridian, and Eagle ID area. You can request bank-owned real estate here. Bank-owned properties are generally priced to sell and can be a very good opportunity to get a deal.
If you have further questions about REO's don't hesitate to let me know.
Jace Stolfo 208-484-2560 Email Me