Bank Owned Commercial for sale in Gulfport. |N or S of I, Prop Type: Unimproved Commercial Lot for Sale, Prop Type: Unimproved Commercial Lot for Sale, Zoning: Urban Core|. Bank owned becomes when the home failed to sell at an auction, and the lien holders of the home are paid off through private mortgage insurance or end up taking a loss on the investment. These homes are also known as REOs (reo).<br />

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