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Learn about bank-owned properties

Foreclosures New Mexico REO (Real Estate Owned) properties can be a great bargain for home buyers.

They can offer below market pricing and lucrative incentives, from closing cost assistance to fresh paint and brand new carpet.

There are hundreds of foreclosed properties in the Albuquerque Metropolitan Area alone.  At Syan.com, you can search for foreclosures or setup free foreclosure listing alerts.

What is a Foreclosure?
A foreclosure is the legal process that allows the lender to recover and sell a property after the owner has defaulted on the loan.

Bank-owned Properties REO
An REO is a term used to describe a bank-owned property.  It stands for, Real Estate Owned.  A property becomes an REO when the lender has foreclosed on the previous owner and has taken ownership of the property.

However, the public has adopted the term foreclosure, to refer to bank-owned homes.

A pre-foreclosure is just as it sounds.  It's a property that hasn't yet been foreclosed on.  The owner is behind on payments, but can still sell the property before the bank intervenes.  The sale often occurs as a short sale.

Government Foreclosures
A government foreclosure is a property that had an FHA insured loan that was defaulted on.

Now, rather than the bank taking back the property, the government takes ownership, where it then becomes a HUD Home.


VA Homes VA Homes
The Department of Veteran Affairs, similar to HUD, foreclosed on the property that was purchased with a VA secured loan.

Since the loans are guaranteed by the federal government, the lender receives a full refund of the lost money.  The property is then sold by the Department of Veteran Affairs.

Interested In Finding These Type of Properties?
Syan™ Real Estate specializes in Foreclosures, REOs, Pre-foreclosures, Government Foreclosures (HUD Homes) and VA Homes.  We have the resources to assist you in finding your next home or investment property.

You can perform a property search directly from the MLS, or allow an experienced local real estate agent to locate listings for you based on your specific criteria.  We can also set you up with free listing alerts so you know the second a new property hits the market, before most agents do.


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