Lancaster, Palmdale and Quartz Hill California real estate listings, home buying, selling and relocation information

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Foreclosures >2. What Is a Bank Owned Property?

When a home owner misses payments on his or her mortgage, the loan becomes default and the home or property becomes distressed. What happens next depends on an appraisal and the equity of the home. If short sale isnt a viable option for the home owner and the lender, the foreclosure process takes over and the home or property goes up for foreclosure auction.

A bank-owned property (also referred to as a "real estate owned" or "REO" property) is one that was up for sale at a foreclosure auction but did not sell and therefore now belongs to the lender (usually a bank, but can also be any government agency or loan insurer.)

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Q	What has been described as the world's most beautiful building?
A	The white marble Taj Mahal in India was built by the Mogul emperor Shah Jahan (1631-53) to enshrine his favorite wife.
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The Chappell Team Advantage, REALTORŽ, real estate agents and broker for Lancaster, Palmdale and Quartz Hill California home listings, property and land for sale - NUMBER1EXPERT(tm)

The Chappell Team Advantage
Keller Williams Realty
42544 10th Street West Suite E
Lancaster CA 93534
Tel: 661-223-4017
Tel: 661-946-6112
Fax: 661-274-8867
Email: Mark@MarkChappell.com
Transaction Manager: assistant@markchappell.com
Mark Chappell has over 15 years of experience in real estate. He is ranked among the top 5% of agents nationally. His mission is to bring skill, sound judgment and high integrity to every real estate transaction; benefiting everyone involved. Mark Chappell's Team Advantage offers a team of hardworking professionals. As a team of specialists, we work together to ensure a smooth and successful closing for each transaction. Serving Lancaster,Palmdale,Valencia, Stevenson Ranch and nearby areas!

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