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Answers (10)
Best Answer
- Hamp Yonce, "Zilluminati"
- Contributions:3463
It is actually a term, or acronym, that comes from a Lender's balance sheet, and describes a category of their assets known as Real Estate Owned. It is used, oddly, to describe houses that have been foreclosed on, and are for sale by the Lender that owns them, or is the servicing entity for a non servicing investor.
House the Bank has to sell, is the short version.
House the Bank has to sell, is the short version.
- Greg Von Herzen, GRI,MCNE, "vhproperties"
- Contributions:1427
a foreclosure basically...real estate owned (by the bank)
- Deborah Holmes, "Debbie Holmes"
- Contributions:386
It is usually a home the bank acquired by foreclosure or deed in lieu of foreclosure.
- Susan Blanford, "Susan Blanford"
- Contributions:55
Great question. It means Real Estate Owned. As a Realtor, I've always found the term to be a peculiar term. It means that a lending institution owns the property.
- Nicholas Ribeiro, "NicholasRibeiro"
- Contributions:1807
Most of the time it means.. Bank Foreclosure
- mia33
- Contributions:7
Thanks to all!!
- Justin Sheftell, "Courtesy Mortgage"
- Contributions:3428
A bank or lending institution does not have to own a property for it to be REO, no foreclosure is necessary.
REO is exactly that Real Estate Owned. Every loan application includes a Schedule of REO on Page 3 for property a borrower owns.
- Carol Szynaka, "Caral Szynaka"
- Contributions:2
Real Estate Owned by a bank or lending institution.
- Wes Black
- Contributions:509
Excellent answer by Hamp.
- Erik Pearson, "SpringHillHomes"
- Contributions:36
Just another word for a foreclosed house.
What does REO mean??
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