Buying a Bank Owned REO Foreclosure Home For Sale
Foreclosure is a process that allows a lender to recover the amount owed on a defaulted loan by selling or 
taking ownership (repossession) of the property securing the loan. It begins when a borrower/owner defaults on loan payments and the lender files a notice of default (NOD). In California, the NOD lasts for 90 days. During this time the homeowner would need to bring their outstanding loan balance current. If not, when the NOD expires the bank can file for a trustee sale no sooner than 20 days after the NOD expires. At the trustee sale the property is either sold at a public auction to a private party, investor, or another bank. If no one buys the property at the auction, the property reverts back to the bank. Once the property is back in the banks possession it is called "Bank-Owned" or REO (Real Estate Owned).
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