Links to Bank Owned Properties

• Bank of America
• Beal Bank
• Citimortgage
• Countrywide Home Loans
• Downey Savings
• Fannie Mae
• Freddie Mac
• HUD
• Indy Mac Bank
• JP Morgan Chase
• Ocwen Financial
• People's United Bank
• Premiere Asset Services
• U.S. Government

A property becomes bank owned after an unsuccessful sale at a foreclosure auction. This is common because most of the properties up for sale at these auctions are worth less than the total amount owed to the bank which is the minimum bid in most foreclosure auctions. This minimum bid is equal to the outstanding loan amount, the accrued interest and any fees associated with the foreclosure sale.

Once the bank takes possession of the property, they will then try to sell the property on the multiple listing service. This is where a real estate professional can assist you with your investment.  Real estate investors will often purchase these properties because, in some cases, the house can be bought at a discount to its market value.