The third and final stage of foreclosure happens when no one purchases the house at the auction, forcing the bank to buy the property back itself. Remember the bank didn’t want the house back, but the property was the collateral for the money lent to the homeowner. The property now becomes Real Estate Owned, it’s owned by the bank. Go here to go to the beginning of this series.
Why is this a good niche to Consider?
- Below Market Value – One of the prime benefits of buying a REO property is most REO properties are available at below