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Repossession, commonly referred to as repo, is a "self-help" type of action in which the party having the right of ownership of a property takes the property in question back from the party having right of possession without invoking court proceedings.
A house that has gone through a foreclosure auction and failed to attract any acceptable bids may remain the property of the owner of the mortgage. That inventory is called REO (real estate owned). In these situations, the owner/servicer tries to sell it through standard real estate channels.
REO sale property in San Diego, California. Real estate owned, or REO, is a term used in the United States to describe a class of property owned by a lender—typically a bank, government agency, or government loan insurer—after an unsuccessful sale at a foreclosure auction. [1]
Ditto for foreclosure-plagued Detroit, where a search of our real estate listings turns up more than 1,000 hits on properties for $10,000 or less. Show comments Advertisement
This was almost the scene last week as Wayne County (Detroit) tried to auction off almost 9,000 repossessed properties only to find over 80% of them drew nary a single bid, even with the minimum
Douglass-Harrison Homes (demolished) Felix Fuld Court (Little Bricks) (vacant) Stephen Crane Village; Millard Terrell Homes (Riverview Court) Orange. Father Rasi Homes (demolished) Walter G. Alexander Homes (demolished) Passaic. Alfred Speer Village; Vreeland Village; Paterson. Riverside Terrace; Alexander Hamilton Homes (Alabama) (demolished ...
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