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Before becoming bank-owned, the property was likely available to buy as a foreclosure sale, but didn’t sell during that process. So, ownership officially transferred to the bank — the final ...
Some larger lenders also list bank-owned foreclosures on their websites. For example, check out the REO homes for sale from Bank of America and Wells Fargo . fizkes/istockphoto
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]
Real estate owned (REO) properties offer the opportunity to purchase homes for attractive prices to home buyers who can navigate the specifics of how these properties come to market. REOs usually ...
RealtyTrac is a real estate information company and an online marketplace for foreclosed and defaulted properties in the United States. It was founded in 1993 and is based in Santa Barbara, California. It publishes a monthly U.S. Foreclosure Market Report. [1] [2] [3]
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.
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