Real Estate Owned (REO)—also known as bank-owned—is a property owned by a lender that hasn’t been successfully sold at a foreclosure auction. It’s been re-valued at an amount acceptable to the lending institution but that also encourages a sale.
Real Estate Owned (REO)—also known as bank-owned—is a property owned by a lender that hasn’t been successfully sold at a foreclosure auction. It’s been re-valued at an amount acceptable to the lending institution but that also encourages a sale.