Skip to main content
_FB_2018-Icons-finalized-cleaned-up_new_FB_2018-Icons-finalized-cleaned-up_newGroup 9
Back
Scroll to top

Bank Owned Homes – Find Bank Owned Homes for Sale in Your Area


If you’re in the market for a great deal on a home, a bank-owned home could be just the thing for you! With First Bank, you can easily search through a list of our bank-owned properties for sale. Bank-owned properties typically make great investments for first-time home buyers or for new business opportunities.

Click here to see a list of First Bank’s available properties.

About Bank Owned Homes (REO Properties) – Learn More Before You Buy

A bank-owned home or real estate owned (REO) home is a home that has been foreclosed on be the mortgage lender. When you purchase a bank-owned property, you go directly through the bank, so you won’t have to deal with any homeowners. Once the mortgage lender or bank owns the property, they can evict the current residents, pay off any necessary tax liens, and make any necessary repairs.

In today’s market, buying a home can be pretty expensive—especially when you add in extra costs and potential upgrades or home repairs—so if you are looking to purchase a home, but don’t have a lot of money to spend, a bank-owned home could be a good option. Bank-owned properties make great investments for first-time home buyers or anyone looking for new business opportunities.

Bank Owned Homes

Advantages of Buying a Bank-Owned Home

Bank-owned homes give real estate investors and homebuyers opportunities that are not available in the pre-foreclosure and auction phase of the foreclosure process.

Some other advantages of buying bank-owned homes include:

  • Bank-owned properties are typically cheaper than newer homes and often offer great terms like low down payments and low interest rates.
  • Buying bank-owned homes can involve less risk and less competition than traditional markets.
  • Bank-owned properties are typically clear of any liens against the property.
  • The bank that owns the foreclosed property is usually the mortgage lender, so it might be easier to negotiate closing costs.
  • Bank owned properties are typically vacant, which can save you from having to evict its current residents.

For more information on bank owned homes, check out our article on how to shop for bank-owned properties.

———

Sources:

Investopedia: http://www.investopedia.com/terms/f/foreclosure.asp

Investopedia: http://www.investopedia.com/terms/t/taxlien.asp

Trending Topics

Small Business Loans – Albemarle, NC

If you are thinking about opening a small business in Albemarle, North Carolina, First Bank can provide you with a small business loan to get you started. Albemarle offers lower…

Best Small Business Bank – Florence, SC

Florence, South Carolina boasts one of the best business climates in the southeast. The city of Florence is bustling with shops, restaurants, festivals, farmers markets, and much more. If you’re…

Best Savings Account For Kids

Finding the best savings account for kids doesn’t have to be complicated. Savings accounts can foster good saving and spending habits, and your child will probably enjoy watching his or…

Best Business Checking Account – Lillington, NC

If you are a business owner, you know how important proper finance management is to running a successful business. Separating your business bank account from your personal bank account can…

Small Business Loans Made Easy – First Bank of North Carolina

North Carolina is a smart choice for any entrepreneur looking to start a business. The state encourages its residents and visitors to shop local. Organizations like Shop Local Raleigh and…

Installment Loans in South Carolina

  If you're looking for personal loan options in South Carolina, visit your local First Bank today. We offer customized loans built to meet your specific, financial needs. From credit cards…

Best Personal Loans in Albemarle, NC

Are you in the market for an engagement ring and looking for a place to get the best personal loan? If so, you may need to take out a personal loan…

Construction Loans NC

The thought of building a new home can be daunting. All that planning. All that work. And all that money. At First Bank, we can’t design a floor plan or…

Small Personal Loans – Jacksonville, NC

Finding small personal loans in Jacksonville, NC, can be beneficial when you need a little extra money. Whether it's for a planned or unexpected expense, a personal loan can help you…

Small Business Loans in Wilmington, NC

Starting a business from the ground up can be difficult, but rewarding. Whether you are looking to build a new building for your business or move into an existing space,…