Festus Okolie - Realtor

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In this part of the different categories of distressed properties - foreclosed homes, real estate owned (REO - bank owned) homes, and Short-Sale homes, let me write about bank owned properties.

A foreclosed property is normally sold at auction so the bank or lender will try to recover the amount owed. If, for any reason, the property doesn't sell at the foreclosure auction, it automatically becomes an REO property. At this time, the property is reverted to the bank or mortgage lender. The bank then attempts to sell the property on its own. The bank usually do this through a mortgage broker. Sometimes REO properties often sell for less than a typical resale property, because the property may need expensive repairs and/or has issues that may be difficult or expensive to resolve.

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In my previous post, I listed three different categories of distressed properties or homes - foreclosed homes, real estate owned (REO - bank owned) homes, and Short-Sale homes.
This post is about foreclosed homes. What is a foreclosure home? Foreclosure of a home or property is when a homeowner or property owner becomes unable to make the mortgage payments and the bank or lender seizes or takes back the house or property. The lender will require this homeowner in default to vacate the house. The lender will then offer the house for sale, usually at a discounted price or get it auctioned off to the highest bidder.

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Very often, people ask me what a distressed property mean, so I decided to write this brief explanation of it.

A distressed property is a property that is being sold or foreclosed by the lender. When you own a home or property and you become unable to make your mortgage payments and/or property tax bills, the home or property becomes "distressed". Most distressed properties are sold below market value. There are typically three categories of distressed properties, namely Foreclosed Homes, Real Estate Owned (Bank Owned) properties, and Short-sales.. I will explain each of the three categories in my next post.

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Texas Home Sales Remain Strong Despite COVID-19
According to the 2020-Q2 Texas Quarterly Housing Report, the number of home sales across Texas declined in the second quarter of 2020, while median price increased.

Read the Texas Home Sales full report.

www.texasrealestate.com

"What would my Mom think of that?"

"In a race, (see picture), athlete Abel Mutai representing Kenya, was just a few feet from the finish line, but he was confused with the signage & stopped thinking he had completed the race. The Spanish athlete, Ivan Fernandez was right behind him & realizing what was happening, he started shouting at the Kenyan for him to continue running; but Mutai didn't know Spanish didn't understand. Then the Spanish pushed him to victory. A journalist asked Ivan, "Why did you do that?"

Ivan replied, "My dream is that someday we can have a kind of community life". The journalist insisted "But why did you let the Kenyan win?" Ivan replied, "I didn't let him win, he was going to win". The journalist insisted again, "But you could have won!" Ivan looked at him & replied, "But what would be the merit of my victory? What would be the honour of that medal?

What would my Mom think of that?"

Values are transmitted from generation to generation. What values are we teaching our children? Let us not teach our kids the wrong ways & means to WIN"

https://lnkd.in/dZiMmZm

Via Birad Rajaram Yajnik 👏

I came across this quote the other day and found it interesting and I think it goes to the core of survival in life. Here you go! "People do not decide their futures, they decide their habits and their habits decide their future" - F. M. Alexander, Educator.
So, what do you think about the quote? Please send your comment and also share it.

Welcome to our new and improved Real Estate page. While enjoying reading the page, we welcome your comments and tell us how we are doing. We are always on the side of excellence and improvement. Please "Like" this page.