3. REO (Real Estate Owned)

If the lender takes back the property either through the lack of an acceptable bid or due to no bidding at all then this property is considered REO.

The Referee will sign the property over to the lender where it then becomes the lender’s property and is considered what is known as “foreclosure property”. Foreclosure property can be bought from the real estate department of banks and other lending institutions. In general the prices for these properties are closer to market value and in some ways easier to get. Financial institutions will give these properties to real estate agents to list and to sell.

REO lists for all 50 states are available on our site. Click here for a free 7 day trial.

To Learn more about Foreclosures and the Foreclosure process please order a copy of our Foreclosure manual here.