Pembroke Pines, Cooper City and Davie Florida 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 isn’t 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 is the average age of a first-time homebuyer in the United States today?
A	The average age of a first-time U.S. home buyer is 32 years.
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John Lucka, REALTOR®, real estate agent and broker for Pembroke Pines, Cooper City and Davie Florida home listings, property and land for sale - NUMBER1EXPERT(tm)

John Lucka
For Good Luck, Call Lucka
Broker/Owner
PA, CRS, CDPE, IRES
Hablo Español
Phone: 954-874-2525
Fax: 954-874-2520
Email: john@johnlucka.com
John has been working full time in real estate since 1977, earning numerous national and local awards, including the number one agent in a national organization of nearly 6,000 sales professionals. A consistent member of the RE/MAX Platinum Club as well as a recipient of the prestigious RE/MAX Hall of Fame and Lifetime Achievement Awards, he continues to be one of the area's top producers year after year. John has become one of Broward's most successful and respected real estate professionals. You'll benefit from his many years of experience! John has helped over 2,800 families buy or sell their home. He specializes in short sales, foreclosures, rental or management of real estate.

www.johnlucka.com is brought to you by John Lucka
NUMBER1EXPERT™ in real estate for Pembroke Pines, Cooper City and Davie, Florida, Hablo Español, Spanish speaking

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