Bank Owned

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Bank Owned Deals vs. Short Sales

To put it real simply, bank owned property has been through the foreclosure process, the title has been cleared, and now the lender owns the property. A short sale is where the owner has ceased making payments or is significantly in default (usually), owes more than the property is worth and is cooperating with the [...]

7Apr2008 | Brecht Palombo | 0 comments | Continued
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REO and Nonaccrual Construction Loan Balances Skyrocket in Massachusetts

I just completed a study of thrift reports for the commercial lenders in Massachusetts. Bank owned property also known as REO or OREO and non-accrual balances are skyrocketing.
I began this exercise last year as we were “cranking up” the auction business in order to get a feel for what is happening in our [...]

29Feb2008 | Brecht Palombo | 0 comments | Continued
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This One is Going to Go Fast

This property is a good deal. It was just reduced to $289,900. This is a bank owned 2 family. There are 4 floors of living. The sec8 rents in Malden are really strong. Both units are renovated to different degrees but all the windows have been replaced and the systems look recent. If you are [...]

19Feb2008 | Brecht Palombo | 0 comments | Continued
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