Real estate owned (REO) properties, also known as foreclosures
, are homes or properties that are bank-owned. If you're thinking of buying an REO property, there may be affordable options that are right for you, but the process of buying bank-owned properties is different than that of a traditional purchase. In addition to knowing how much you can comfortably afford and prequalifying for a loan, you’ll want to work with an experienced real estate agent and understand some of what makes buying real estate owned homes different. If you’re ready to shop for real estate owned properties for sale, explore the real estate owned listings from Bank of America. With the right information, and a good source for property listings, it’s easier to find an opportunity that’s right for you.