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Easiest Way to Shop Bank-Owned Properties in Crofton

Bank-owned properties are few and far between in Crofton, but there are plenty in the “greater” Crofton area including Odenton, Gambrills, and Bowie.

If you’re confused by “short sale” vs. “foreclosure” vs. “bank-owned (also known as REO)”, let me begin by clarifying:

Short sale – Owner owes more than current market value.  Any sale for less than the amount owed requires lender approval.  This is a frustrating and lengthy process for owners, buyers and lenders.  You may get a good deal by purchasing a short-sale property, but it’s not likely you’ll have a pleasant real estate experience.

Foreclosure – This usually refers to properties that are “in foreclosure” – i.e., the borrowers are behind in their payments and the lender has begun the foreclosure process.  This ends when a property goes to auction. 

Bank-owned (aka REO) – REO is an acronym for “real estate owned” by the bank after they acquire it at a foreclosure auction.  Purchasing an REO property will probably be much easier for you than a short sale or foreclosure because the bank has established both a price and process for disposing of the property.

Of all these, probably the easiest to buy is the bank-owned or REO properties. 

CLICK HERE to shop bank-owned properties in Crofton and the surrounding area, and simply follow directions on each screen.  If you let me know which properties interest you, I’ll forward more details to you, or even show the properties to you. 

It couldn’t be any easier!

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