What does it mean houses with "bank Owned" ?

Question

What does it mean houses with "bank Owned" ?

Answer 1

it means the bank owns it...basically someone didn't make their payments and the bank took the house.

Answer 2

It means that somebody took out a mortgage on their house (http://dictionary.reference.com/search?r... , which didn't get repaid, so the bank took their house, which makes the house bank owned.

Answer 3

it means the people who owned it before...couldnt keep up w/the mortgage and the bank now owns it. The bank bought the house and then the people pay the bank their mortgage...so now the bank owns it.  

Answer 4

It means the house has been foreclosed on, the bank (who gave out the loan) is the one that owned the house technically, mortgages are like layaways in a way. So, they're sold at a lower price because the banks don't want to actually have this non-money-making property on their hands.

Answer 5

foreclosure

Answer 6

"Bank Owned" or REO homes are homes which were foreclosed (the former own lost ownership to the bank or lender for non-payment) upon and the bank or lender kept the home after auction (most likely because no one bid enough or no one bid at all on the house).  

Answer 7

the most sad and common word of the year - foreclosure

Answer 8

It means that the owners couldn't afford it, so the bank owns it.

Answer 9

Mortgage payments were not made and the lender foreclosed on the loan and is now trying to re-sell the house.

Answer 10

foreclosures is what that means.

Answer 11

a house has been reposessed. someo didnt make a payment. so the bank ownes it. its like a tax foreclosure.

Answer 12

they have been foreclosed on. People did not pay off the rates for their mortgages.  

Answer 13

It means the people who used to own it probably couldn't make their payments anymore, so the bank took the house back. Also called foreclosure.

You can get bargains that way sometimes - because the bank doesn't want to hold the house - they just want their money back.

Answer 14

In general sense it means that the owner can't aford it and that's the reason why bank owned it.

http://www.rorysiems.com/index.html

Answer 15

They are foreclosed properties.

Answer 16

it means the original owner could not make the payments

Answer 17

when you buy a house no one buys it in one shot money for one reason and government tax agencies for another(they can ask where you got all that money from and why you havent paid income tax) everyone gets a loan from a bank called a mortgage that is compounded/collected and charged interest on  monthly untill you pay off the loan.  Now this loan is given against your house which means if you dont pay the bank back they take away your house and then the bank owns it and usually sells it so thats what it means when a bank owns a house ....p.s banks usually sell em for alot cheaper cause they dont want to have to take care of someproperty its better to sell and get as much as the can for it

Answer 18

It means just that..."bank owned". Usually when the bank loans money to someone that person must have something to secure their loan...uses their home or car as collateral. If that person doesn't make their payments for what ever reason, the bank takes their home or car and sells it to make the money they lost on the uncollectible loan.  

Answer 19

Legally when a borrower defaults on there secured loan (mortgage).  The bank has to have the property auctioned at the court house steps, literally.  The bank always puts a bid at the auction for what they have invested into the home.  If the bank gave a loan to the borrower for lets say $100,000 grand and no one is willing to bid more than that at the auction (literally at the court house steps) then the bank gains possession of the home and will sell it for whatever they want after that point.  Most foreclosures become bank owned because no one will bid higher than what is owed now adays because everyone owes more than what the homes worth, plus the auction at the court house steps requires you pay cash and you don't get to see the inside of the house prior to the auction.

Answer 20

i believe it means pretty much, if you buy it...you are buying it straight from the bank, nobody owns it but them.  

Answer 21

Just like it says "bank owned"...the bank owns that piece of property unlike a personally owned home that you buy from a regular person.

In the world of real estate there are many, many types of properties that you can buy. The majority of the time people hire a real estate agent to help them buy a property that is listed on the MLS (multiple listing service) of the area that they are looking for. Whilst most people go through this route, other, perhaps more astute, or bargain hunting people, look at houses that are either in foreclosure of REO (Real estate owned) by a bank or Loan Company.

Answer 22

It just happened to me, it means that you have into foreclosure and the bank buys your house...