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Real estate owned (REO) properties are those owned by the mortgage company after a foreclosure auction that did not result in a sale. REO properties are common as a result of their accompanying large amounts of money owed to the bank that keep shoppers looking for a bargain during foreclosure auctions. More»
If you are entering the real estate market, then you will want to know about investment properties that are real estate owned. For beginners, you this involves learning about what constitutes this type of property and the procedure for buying it. More»
If you are in the market for a new home or apartment, you may have considered buying a foreclosed home. While this can be a great option for many, as they can save a great deal of money, there are a few key terms that one should become familiar with. A real estate owned home means that the property is owned by the mortgage company. This generally results after a foreclosure on a home and an auction. For a property to become REO ( real estate owned) the homeowner's have defaulted on their mortgage payments and the bank has tried to but the home for auction, with no success.
While one may be able to get an amazing price on such a home, there are many factors to consider. Most of the times these homes will come in what is known as an As- Is Condition. Simply put, what you see is what you will get. There could be issues with the home and this is the risk one takes with these types of sales. There is much more to learn about REO before on should consider buying a property. Business. Com understands how difficult this process can be and has compiled a great resource for all you home buying needs. Visit the links to the left to learn more.