what is reo in real estate

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Real Estate Owned

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  • What is real estate owned (REO)?

  • What Is Real Estate Owned (REO)? Real Estate Owned (REO) is residential property that a lender becomes an owner of after they complete a foreclosure and take possession of the property. As a homebuyer, you might see properties listed as real estate owned, REO, or bank-owned, which all mean the same thing.

  • What does Reo stand for?

  • Real estate owned (REO) is property owned by a lender, such as a bank, that has not been successfully sold at a foreclosure auction. REO properties can include detached houses, condominiums, townhomes, and land. A lender攐ften a bank or quasi-governmental entity such as Fannie Mae or Freddie Mac 攖akes ownership…

  • How do I find REO properties for sale?

  • To find real estate owned properties, you may have luck contacting lenders directly about listings for REOs. Some lenders may be willing to provide you with a list of their REO properties available for sale. However, working with a real estate agent is an easier, and often more reliable, way to find REOs.

  • What happens when a REO property is ready for sale?

  • When the REO property is ready for sale and the foreclosure is complete, the lender will work with a broker to put the real estate owned property on the market and look for homebuyers. Typically, even if the lender has an excess inventory of REO property, it will not offer a house at an unbelievably low price.

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