Bank Owned One family home for sale in Nappanee. Finished basement, Parking: one space, 648 sq. feet garage|Sale: For Sale, COOLING: Central Air, LOT DESCRIPTION: Level, third Bdrm Level: Main, first Bdrm Level: Main, second Bdrm Level: Main, Style: one Level, Platted Y: Yes, Assoc, Laundry Level: Main, Outbuilding 1: None, Basement Y: Yes, Show Comments on Internet: Yes, BASEMENT: Partial Basement, Water Utility: Well, Well Type: Private, Sewer: Septic, Fireplace Y: Yes, Garage Type: Attached, EXTERIOR: Wood, FIREPLACE: Great Rm, HEATING: Electric, EXTERIOR: Brick, FIREPLACE: Family Rm, Township: Union, Association ID: Elkhart County BOR|Exterior material: Brick, Roof type: Asphalt, Room count: 9, Stories: 0, Unit count: 1. Bank-owned property always starts as consumer-owned property. The cycle starts when a borrower secures a loan by mortgaging the property, securing the amount of the loan against the real estate itself.