Dec 12, 2011

Real Estate Lingo - What is an REO property?

REO is an acronym for for Real Estate Owned. It refers to a property owned by a bank or mortgage servicer and typically refers to homes that were foreclosed and repossessed by the former owner’s bank.

Purchasing an REO property involves dealing with the bank owner. There is no seller disclosure and the property is usually purchased in as-is condition. The offer process, contract forms and timeline to close are often different than the non-REO purchase process. Sometimes, but not always, the reward for purchasing one of these 'distressed' properties is the bargain price. If you're considering purchasing an REO property, make sure it is a bargain price by consulting with a Realtor, like me, who knows. [where: 75230]

4 comments:

Real Estate Website said...

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Toronto Homes for Sale said...

Glad you found the post helpful!Thank you very much for this!

micheal clark said...

Great Post! It's very nice to read this info from someone that actually knows what they are talking about.
commercial REO Properties for Sale

nehvabby said...

It is a nice blog and I am really interested to it. After reading this blog I could say that you explained the REO (Real Estate Owned) very well. Many of us are purchasing REO property and this blog is a big help on us to decide what we're going to do if we are in that situation. Thanks.