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Foreclosures >2. What Is a Bank Owned Property?

When a home owner misses payments on his or her mortgage, the loan becomes default and the home or property becomes distressed. What happens next depends on an appraisal and the equity of the home. If short sale isn’t a viable option for the home owner and the lender, the foreclosure process takes over and the home or property goes up for foreclosure auction.

A bank-owned property (also referred to as a "real estate owned" or "REO" property) is one that was up for sale at a foreclosure auction but did not sell and therefore now belongs to the lender (usually a bank, but can also be any government agency or loan insurer.)

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Q	Where is the world's tallest apartment block?
A	The 100-story John Hancock Center in Chicago, Illinois is 1,127 feet high; floors 44 through 92 are residential.
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Lisa Patterson, REALTOR®, real estate agent and broker for Darnestown, Gaithersburg and Montgomery County Maryland home listings, property and land for sale - NUMBER1EXPERT(tm)

Lisa Patterson
Coldwell Banker Residential Brokerage
7272 Wisconsin Avenue
Bethesda, MD 20814
Office Phone #: 301 718-0010
Home Office # (preferred): 301 548-0999
Mobile #: 301-704-4714
Fax #: 301 990-9752
Email: Lisa@LisaPattersonHomes.com
Email II: lisaapatterson@aol.com
Lisa is a top agent who has been selling real estate in the Washington DC area for over a dozen years (licensed in DC, MD and VA). She specializes in Montgomery County Maryland, and Northwest DC. As President and Social Chairman of the Darnestown Civic Association, she is the top choice for those in her home town area who want someone to sell their home with knowledge and enthusiasm. She is also one of the top relocation buyers agents in the area. They appreciate her broader knowledge of the Capital area. She prides herself in her hard work, and her loyalty to her clients.

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