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REO, Bank Owned Homes, HUD, Repo Homes in Greenville SC

REO, Bank Owned Homes, Repo Homes, HUD

Very often people looking to purchase a home for a reduced price will look into foreclosed homes. There are several different types of these foreclosed homes available in Greenville, SC.

REO Properties

An REO or real estate owned property is created when a person defaults on their home loans and the home fails to sell at a foreclosure sale. The property is then repossessed by the lender, typically a bank or a government agency, where it becomes a non-performing asset. This means that a REO home is losing money for the loaner, as it failed to sell for the outstanding loan amount. Once the lender repossesses the home and lists it as an REO, it will then attempt to re-sell the home with the help of the beneficiary. This is usually done with the assistance of REO realtors or an REO exchanges. REO homes often fall into disrepair and are offered for less money at sale to compensate for this. This makes REO homes in Greenville, SC attractive for real estate investors and fixer-upper home owners looking for cheaper prices.

Bank Owned Homes

A bank owned home is similar to an REO home in that the home’s tenant failed to continue making their payments and lost the ability to retain the home. The difference between a bank owned home, sometimes called a foreclosure home, is that an REO property has already failed to sell. A foreclosed home can be purchased at auction if the buyer has cash in hand and bids an amount that covers the loan balance and all accrued interest. Like an REO property a bank owned home is sold ‘as is’. Most people looking for the reduced price of a bank owned home will go through the REO process because it is less stressful and offers more benefits and incentives than purchasing a foreclosed home. Due to the housing bubble there are many bank owned homes in Greenville, SC.  

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REPO Homes

REPO or repossessed homes are generally considered to be the same thing as REO properties and foreclosed homes. These are homes that have been repossessed by the bank or lender because the loaner has failed to make their payments. Many people purchase REPO homes because they are looking for reduced prices. REPO homes are often in disrepair however and like foreclosed and REO homes they are sold ‘as is.’ This means that a REPO home may or may not be a bargain, depending on the amount of repair work that is required. Typically a lender will ask for more than the initial bid on a REPO home in an attempt to earn back more money. It is up to the buyer to determine if their REPO home bid is within market value.

HUD

HUD properties are also homes that have been repossessed by the lender due to a foreclosure and lack of payment by the owner. HUD homes in Greenville, SC are 1-4 unit residential homes reposed by the Housing and Urban Development, a US government agency. These homes are offered for sale in an ‘as in’ condition to people looking for a residential home, so they are typically not purchased by real estate investors. HUD homes in specific locations may be offered for discounted prices and special reduced prices are often given for Section 8 applicants, veterans or displaced individuals. HUD homes represent the best option for low-income people to find a reduced price on a residential home.

Whether it is a HUD home, a repossessed home, a bank owned home or a REO, purchasing a foreclosed home could be a good bargain for many people, but the specifics of the home, property and offered price will determine whether or not the buyer gets a deal.