Foreclosure Home in Chattanooga for Sale

Property Description:

This property is an REO (Real Estate Owned). This is the final step in the foreclosure process. Ownership has reverted to the lender. This 768 square foot property has 0 bedroom(s) and 0 bath(s). The estimated sale price is $10,000.00. To access more extensive information on this property click the 'more property detail' link below. You will need to register for full access. Information listed with each property including estimated loan balance is derived from sources deemed accurate but we do not guarantee the accuracy of such information. Please consult all relevant title documents prior to purchase.

Definition :

Bank-owned (Real Estate Owned)
If the lender takes ownership of the property, either through an agreement with the owner during pre-foreclosure or at the public auction, the lender will usually want to re-sell the property to recover the unpaid loan amount. The lender will then typically clear the title and perform needed maintenance and repair; however, the potential bargain for these REO homes is typically less than a pre-foreclosure or auction property.