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Mortgage Owned Properties (REO)
When property is not sold at foreclosure auction, usually financial institution repossess the property to sell it in order to make up what it lost. Financial institution such as bank has list of properties that are not sold in foreclosure auction. Banks, however, are not in real estate industry so they want to get rid of their inventory of properties. In order to repossess property, lender may have paid IRS or tax lien to gain senior lien position at foreclosure. All junior liens are wiped out at the time of foreclosure so REOs have clear title. Although, mortgage owned property, real estate owned property or bank owned property is sold in discount, it has the least discount compared to pre-foreclosure or foreclosure sale property since it has less risk.
FHA/VA(REPO)
Federal Housing Administration (FHA)or U.S. Department of Housing and Urban Development (HUD) guarantees financial lender for home buyers and investors. When the buyer fails to make the payments and the bank may foreclose the property. Since the mortgage is insured by FHA, FHA pays the bank and possess the property. They ether directly advertise in the local newspaper or use authorized HUD real estate broker or agent. You can call them directly to get list of HUD homes.
Want To Learn More About Foreclosure Investing?
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