The amount that is advertised as the transfer value is the sum that the bank or lender was required to pay to the courts in order to recover possession of the property after they had foreclosed on it. It will now take the bank or lender many months to put the property up for sale at the current market value, and it will be marketed as a foreclosure or a real estate owned (REO) property.
The purchase price of the property that occurred during the most recent change in ownership is referred to as the Transfer Value. When discussing pre-foreclosures (NOD, LIS, NTS, and NFS), this refers to the price that the owner in default of the property paid for it when he or she first purchased it. The day that the property was acquired for that sum is referred to as the ″Trans Date.″
What happens when you buy a bank owned property?
Purchasing a Home That Is Already Owned by the Bank When a home’s mortgage lender is unable to sell it at a foreclosure auction, the home becomes what’s known as a bank-owned or real estate owned (REO) property.These terms refer to the same thing.When the bank finally acquires ownership of the property, it will take care of any evictions that are necessary, pay off any tax liens, and maybe make any repairs.
What is a bank-owned or REO property?
When a home’s mortgage lender is unable to sell it at a foreclosure auction, the home becomes what’s known as a bank-owned or real estate owned (REO) property. These terms refer to the same thing.