What is a Real Estate Owned (REO) Property?

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What is a REO foreclosure? What is a Real Estate Owned (REO) Property?

REO stands for “Real Estate Owned”
Foreclosed properties where ownership has transferred to the bank or lender

How Does a Property Become an REO property?
Loan Default: The homeowner/borrower defaults or fails to make their mortgage payments for a certain length of time
Foreclosure: The lender initiates legal proceedings against the borrower to foreclose on the property.
Auction: The property is then offered to the public at a foreclosure auction (sheriff sale) and typically sold to the highest bidder.
REO: If the home fails to sell at auction to a third party, the lender is now the owner.

REO properties can be attractive to homebuyers and real estate investors. Sometimes lenders are motivated sellers who do not want to sit on their REO inventory and these homes may be priced at a discount.

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