Sentences with phrase «lenders after an auction»
REOs: Properties taken over by lenders after an auction are called REOs — «real estate owned» by the lender.
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Reo Specialists or Real Estate Owned Specialists are real estate experts working with properties owned by a lender after an unsuccessful sale at a foreclosure auction.
Lenders generally only take title of properties after an unsuccessful selling attempt at a foreclosure auction.
If you're the homeowner, be aware that Utah is a deficiency state, which means that the lender can go after your assets for the «deficiency» after a foreclosure sale (i.e. the difference between what the home fetches at the foreclosure auction and the amount you still owe on the mortgage).
Another idea: Try to buy the home from the lender immediately after the auction in what's technically called the trustee sale, after no one has bid on it and the home has just reverted to the bank.