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What is a bank-owned or “REO” property?

April 26, 2017bank-owned Property REO

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What is a bank-owned or “REO” property?

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REO, (“Real Estate Owned”), is a banking term used to describe a property that was acquired by a bank, lender or servicer as a result of a foreclosure or deed in lieu of foreclosure. Once the foreclosure or deed in lieu of foreclosure process is completed, the title has been transferred and the property is ready to be marketed, it will be available for sale through a local real estate agent.