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Before becoming bank-owned, the property was likely available to buy as a foreclosure sale, but didn’t sell during that process. So, ownership officially transferred to the bank — the final ...
Real estate owned, or REO, is a term used in the United States to describe a class of property owned by a lender—typically a bank, government agency, or government loan insurer—after an unsuccessful sale at a foreclosure auction. [1]
A deed in lieu of foreclosure is a deed instrument in which a mortgagor (i.e. the borrower) conveys all interest in a real property to the mortgagee (i.e. the lender) to satisfy a loan that is in default and avoid foreclosure proceedings. The deed in lieu of foreclosure offers several advantages to both the borrower and the lender.
Sunset Key is a 27-acre (11-hectare) residential neighborhood and resort island in the city of Key West, Florida. It is located about 500 yards (460 m) off the coast of the island of Key West. The island is privately held among its residents. The island is accessible only by a shuttle boat that runs from the Margaritaville Marina out to the island.
Sales of previously owned homes fell 1% in September compared with August, to a seasonally adjusted, annualized rate of 3.84 million units, the slowest pace since October 2010,… 1 2
The foreclosure process as applied to residential mortgage loans is a bank or other secured creditor selling or repossessing a parcel of real property after the owner has failed to comply with an agreement between the lender and borrower called a "mortgage" or "deed of trust".
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