If you review a list of names of banks that sell foreclosed homes you will discover a wide variety of well known financial institutions.
"REO" stands for Real Estate Owned. Banks selling foreclosed homes often provide REO listings online, either through their main website or through a separate website. If you want to find the REO listing for a bank or other lender that is not listed below, simply input the name of the financial institution into a search engine along with the words "REO list" and you will likely be directed to exactly what you are looking for.
Not every bank sells foreclosed homes, and of the banks that do sell foreclosed homes, you may not be able to readily find an REO listing online. This does not mean that banks hide this information -after all, banks want to get these properties sold as soon as possible- but you may have to dig a little deeper to find the information if the bank contracts the selling of the properties to a third party.
Do not pay for REO listings. This information is readily available free of charge and there is no reason why you should have to pay a company to gather the information for you.
Some Names of Banks that Sell Foreclosed Homes
Below is a brief listing of names of banks that sell foreclosed homes. Keep in mind that this is not a complete list as there are many more. It may also be worth your effort to check with local banks to see if REO lists are available.
- Bank of America
- Wells Fargo
- Fifth Third Bank
- BB&T Mortgage
- Regions Bank
When clicking on a link to an REO listing from a bank's official website you may be notified that you are being transferred to another website to view the actual listing. It is common for banks to contract the management of their REO listings to a third party, and as long as your search started on the bank's official website this should not be cause for concern.
Additional REO Listings
Banks are not the only entities trying to sell foreclosed properties. When conducting your search, do not forget to view listings from agencies that obtain properties after a foreclosure because the agency originally guaranteed the loan. Another great source are agencies that purchase bundles of mortgages from the original lenders.
You do not have to limit your REO search to individual banks. Check out the REO listings for some of these organizations:
- Department of Housing and Urban Development (HUD)
- Department of Veterans Affairs (VA)
- Fannie Mae
If your intention is to purchase a foreclosed home, you will be pleased to find that there are many different resources to choose from when searching for a suitable property.
Picking a Home
Lenders and other entities offering foreclosure listings online also place disclosures on their websites that will tell you about any limitations or special instructions with regards to making the purchase of an REO home. Some of these websites will warn that the listing of an REO property is subject to change or be withdrawn at any time without notice. Be sure to read these disclosures before deciding to bid on a property.
Take your time searching through the foreclosure listings because some of them are quite lengthy. Search for a suitable property by price range, location, or type of home you want to buy. If you find a home you are interested in purchasing, follow the instructions provided by the website. You may be instructed to contact a real estate agent to submit a purchase offer. If the home you want is unavailable, keep searching to find a home that works for your needs.