01. What is an REO property?

REO stands for "Real Estate Owned" by banks and mortgage companies. These properties have gone through foreclosure and are now owned by the bank or mortgage company.

02. What is the condition of these homes and lots?

Sometimes the asset manager responsible for the home will allow the broker to make repairs and cosmetic improvements to enhance the marketability. Others are sold "as is," with the purchaser responsible for repairs.

03. How is the property price determined?

Prior to putting the property on the market the bank's asset manager will order an appraisal and have the broker advise them about the condition of value of the property. They are then priced accordingly. When a home is to be sold "as is," the value will be reflected in the sale price; the amount of the previous mortgage or the amount bid at the foreclosure sale do not determine the value.

04. Can the property mortgage be assumed?

No. After the property is foreclosed there is no mortgage. The bank or mortgage company owns the asset.

05. Are these properties listed in the Multiple Listing Service?

Yes, they are listed in the MLS and other related Internet sites the same way as any other real estate property.

06. How can I buy a bank-owned property?

Anyone can buy a bank-owned property. All communication regarding properties listed on this website should be directed to the individual noted under "Contact Information" on the detail page of the property you are interested in.

07. Do you have other property for sale other than real estate?

On occasion, we may have vehicles, equipment or other property for sale. If you can't find what you're looking for, please contact us.

08. Does Butte Community Bank inspect all of the properties it has listed for sale?

No. Although the information contained herein is taken from sources believed to be reliable, Butte Community Bank has conducted no inspection or investigation concerning the properties listed on this website.

09. Does the Bank employ real estate professionals to sell their properties?

No. Butte Community Bank is not responsible for and makes no representations or warranty as to the products or services offered by the real estate professional identified in any particular listing. Prospective purchasers of any of these properties should consult advisers and professionals of their own choosing.

10. Does the Bank guarantee the quality or availability of the properties listed here?

No. Butte Community Bank assumes no responsibility and makes no warranties, representations or guarantees as to the availability of properties or accuracy of the property information offered on this website.

11. Who do I call for more information?

Any questions regarding properties listed on this website should be directed to the individual noted under "Contact Information" on the detail page of the property you are interested in. If you have any other questions, please contact us directly.