What is an REO?
This is a abbreviation for Real Estate Owned property. These properties are owned by a Lender, a government agency or government loan insurer. These properties are often a result of a foreclosure or auction that did not result in the sale of the property.
How do I find these properties?
I have worked with many Investors that are looking for the "deals". We can search the MLS using the criteria of REO properties. You can also search online on various sites including going directly to the bank sites.
What is the benefit of buying a REO
I would say one of the biggest benefits of purchasing a REO property is that they will not have any liens or other issues with the property. Before the property is put on the market for sale the lenders make sure that the title is clear. That means any liens, a second mortgage, taxes, mechanics liens, or any liens from other creditors are cleared prior to putting the property for sale. Typically these properties are sold a little under market value, they are often vacant properties, and in some cases you can get the bank to pick up some of the closing costs.
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This content created by Barbara VanderMeulen Lead Buyer Specialist
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