Welcome to FortWayneREOs.com Your site for information on bank owned Foreclosures in Fort Wayne, New Haven, Columbia City and all of Northeast Indiana.

Fort Wayne REOs is provided as a service of Imagine Real Estate, a locally owned full service real estate brokerage. We are not a national site, we are Fort Wayne Realtors® here to help Fort Wayne Area Home Buyers. If you have any questions on purchasing a bank owned, foreclosed home in Fort Wayne call us today at 260.748.3000 we are here to help!

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Real estate owned or REO is a class of property owned by a lender, typically a bank, after an unsuccessful sale at a foreclosure auction.[1] This is common because most of the properties up for sale at these auctions are worth less than the total amount owed to the bank. The minimum bid in most foreclosure auctions equals the outstanding loan amount, the accrued interest and any costs associated with the foreclosure sale including attorneys' fees.

After an unsuccessful auction, the bank will go through the process of trying to sell the property on its own. It will remove some of the liens and other expenses on the home and try to resell it to the public, either through future auctions or direct marketing through a Realtor. Generally speaking, bank REO properties are in poor shape in terms of repairs and maintenance; however, real estate investors will often go after these properties as banks are not in the business of owning homes and so, in some cases, the low price can more than compensate for the condition of the property.

Once a property is REO, the bank or lender will try to get rid of the property by either selling it directly themselves or through an established broker. Many larger banks such as Bank of America and Wells Fargo have REO/asset management departments that will field bids and offers, oversee upkeep and handle sales. Courtesy Wikipedia

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Call Imagine Real Estate at 748-3000 for information on Bank Owned Property in Fort Wayne. FortWayneREOS.com is your source for info on Bank Owned Foreclosures in the Fort Wayne, Indiana Area . Sign up and receive FREE updated lists and have access to search area Bank Owned REO properties . The data relating to real es ate for sale on this site comes in  part from the Fort Wayne Area Multiple Listing Service, Inc.  Internet Data Exchange Database. Information deemed reliable but  not guaranteed and should be independently verified. All  information is provided exclusively for consumers personal,  non-commercial use and may not be used for any purpose other than to  identify prospective properties consumers may be interested in  purchasing.Copyright 2010, Fort Wayne Area Multiple Listing Service,  Inc. Internet Data Exchange Database All rights reserved. The data relating to real estate for sale in this  web site comes in part from the IDX Program of the Northeast Indiana Association of REALTORS®, Inc. MLS. Real estate listings held by  brokerage firms other than Imagine Real Estate are marked with the  MLS approved logo and detailed information about them includes the  name of the listing brokers.Information deemed reliable but  not guaranteed and should be independently verified. All  information is provided exclusively for consumers' personal,  non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in  purchasing.Copyright 2010, Northeast Indiana Association of  Realtors MLS. All rights reserved.

Steve McMichael  Realtor/Broker/ABR/ePro/REW/CSP/SFR/CSP is a member of the National  Association of Realtors. Indiana Association of Realtors, Fort Wayne  Association of Realtors, Fort Wayne Area Multiple Listing Service  and Northeast Indiana Association of Realtors Multiple Listing  Service. For additional information about Steve McMichael visit www.SteveMcMichael.com for additional  information about Imagine Real Estate visit ImagineRealEstate.net or call 260.748.3000. To search for  homes throughout Upstate Indiana Click Here