Foreclosures…REO’s…bank-owned properties… where are they and what do they look like?
The iconic image that comes to mind when you hear the term foreclosure is either the demonic banker driving the residents out of the home and into the snow or the boarded up home with chains across the door and notices posted all over. The first image is definitely an outdated scene from the last century and the second is only partially true.
Sometimes but not often - resentful homeowners will ‘trash’ the home before the bank takes it back, other times they will pull anything of value out of the home, like cabinets, dishwasher etc. Generally though, by the time the bank puts the property back up for sale they have (often by way of the real estate agent they are listing it with) fixed any major damages that occurred during the foreclosure.
Here are images of a couple of bank-owned properties currently on the market in Chico.
The iconic image that comes to mind when you hear the term foreclosure is either the demonic banker driving the residents out of the home and into the snow or the boarded up home with chains across the door and notices posted all over. The first image is definitely an outdated scene from the last century and the second is only partially true.
Sometimes but not often - resentful homeowners will ‘trash’ the home before the bank takes it back, other times they will pull anything of value out of the home, like cabinets, dishwasher etc. Generally though, by the time the bank puts the property back up for sale they have (often by way of the real estate agent they are listing it with) fixed any major damages that occurred during the foreclosure.
Here are images of a couple of bank-owned properties currently on the market in Chico.
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