Everyone wants a deal, and there are many out there. I received a call from a customer wanting to know the difference between a Foreclosure and a Bank owned home. The banks call Bank owned homes REO's for Real Estate Owned. The foreclosure has already happened and the previous home owner no longer has ownership of the property and has moved out. The bank now owns the home and all of it's debt. Back payment of property taxes and home owner association fees are normally the largest debts on the property, and it is the banks responsibility to pay those. The easiest way for a bank to sell the property is to list it with a Realtor. So, if you are looking for a Foreclosure home, that is where you look.The bank must provide clear and transferable title to the home. Call me to get you set up to view Bank Owned homes today!