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A bank-owned property is a home that’s been all the way through the foreclosure process and was not purchased by a third party at the auction. When this happens, the lender becomes the owner and offers the property for sale to the public. These bank-owned homes are also known as bank-foreclosures or REOs.
Idaho foreclosured homes can be a great opportunity for buyers but many people avoid the risk and frustration of buying a foreclosed home. Buying a foreclosed is not for those with high emotions or expactations. There are a lot of hoops to get through and many times deals fall apart at teh last moment. Someone can also get a forclosed home and upon moving in find that the property is in poor condition. Foreclosure sales must be approved by the lien holders.
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