REO property can often be a bargain for the real estate buyer or investor

What does REO property mean?  REO (real estate owned) is property which has been taken back by the lender normally in a foreclosure process.  REO properties typically sells for a discount that is less than comparable real estate listings due to condition and  as the lender usually wants to recoup as much of the loan value as possible.

• REO has already been acquired by the lender typically after a failed foreclosure sale or foreclosure auction.
• The REO is owned by the bank (or lending institution) and is listed as an asset on their balance sheet.
• The original home owner is no longer in the picture and the property is for sale.

The downside of REO property is that an REO property is typically not well-maintained by the financial institution that owns it.  The positive side of an REO is that a real estate investor or buyer can often purchase the property at a distinctively lower price.

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