What is a bank owned property?

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Repossessed properties are bank owned properties in the first stage of distressed property sales.

These sales are usually the less risky of these sorts of transactions since the owner is on board with the sale. Home owners that are behind on payments usually volunteers to have the bank put the house on the market to recover the rest of the debt owed to them rather than attempt to catch up on the payments.

In these cases, homeowners may still reject offers they deem too low, but are usually willing to accept low-ball offers just to avoid having their property go to public auction.