Real Estate Owned, or REO, property is the most common type of foreclosure property you’ll encounter. REO’s are properties that have been foreclosed and are now owned by the bank. REO’s may be vacant or in need of repair. But often they look and feel just like other homes for sale, and they’re listed by a real estate agent. The process of buying an REO is different than other home purchases, they are typically sold as-is, although some REO’s are move-in ready. A qualified Real Estate agent who knows the terrain of the REO market, your REO transaction will run more smoothly and you’ll likely get a great deal in the process.
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