2007-11-11 09:14:46 · 5 answers · asked by janet s 1 in Business & Finance ➔ Renting & Real Estate
Same thing. Bank owned just sounds nicer.
2007-11-11 09:22:05 · answer #1 · answered by Anonymous · 1⤊ 0⤋
Not much difference. Foreclosed homes always end up being owned by the bank or lender. Bank owned may NOT have been foreclosed, but surrendered due to lack of ability to pay or similar.
The net result, however, is the same, and both are sold in similar fashion.
2007-11-11 09:27:18 · answer #2 · answered by acermill 7 · 0⤊ 0⤋
When you miss enough payments on your mortgage the bank that has the note starts foreclosure proceedings.
In Texas the house is auctioned to the highest bidder at the courthouse steps with the proceeds going to help pay off the mortgage note. The bank normally finds it to be in their best interest to be that buyer, so they end up owning the house.
So bank owned houses have normally been thru the foreclosure proceedings, but not all foreclosed homes end up being owned by banks (or HUD or VA or FNMA)
2007-11-11 09:26:50 · answer #3 · answered by glenn 7 · 0⤊ 0⤋
If the bank owns it, it has most likely been foreclosed. Banks don't end up with houses unless the people can't pay back their loan.
2007-11-11 09:23:16 · answer #4 · answered by Carol A 3 · 0⤊ 0⤋
"public sale" is a technique - no longer an possession description. in all probability they are differentiating pending foreclosure residences which will bypass to public sale shortly; in the event that they do no longer sell at public sale, identify then reverts to the financial enterprise and it will ultimately record it on the industry via a realtor as a "financial enterprise-owned" property (REO).
2016-10-02 03:22:58 · answer #5 · answered by ? 4 · 0⤊ 0⤋