Located on the end of a cul-de-sac this spacious foreclosure has amazing views and lots of privacy.

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Bank Owned", "REOs"and "Foreclosures" are all synonymus, they are the name given to properties that have completed the foreclosure process and are now in the ownership of a bank who is selling it on the general market. They general sell at a discount to the similar houses that are traditional sales.

The largest supplier of bank owned homes is FannieMae, followed by FreddieMac and Bank of America, because of their aquisition of Countrywide.

Bank Owned Properties are not to be confused however with "Short Sale" where the homeowner still owns the house, but is selling it for less than they owe the bank for their mortgage and therefore needs their mortgage holder's approval before selling the home. As a result the buyer is negotiating twice instead of just once and therefore prolonging the time it takes to buy the house.
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