Profile picture for karenjan

wnat does REO property mean

 

  • July 06 2012 - Town of Clinton
  • 0
    0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Be a Good Neighbor. Be respectful and on-topic. No spam or self-promotion! See our Good Neighbor Policy.

Answers (7)

Profile picture for Ofe Polack
R (real) E (estate) O (owned) this term is used by banks to convey that they own the property that is being sold.  You will see the term REO used as generic word to imply that the property is owned by the lender.
  • July 06 2012
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

The interesting thing is  that pretty much all foreclosures are owned by Banks/investors. So is just another term that pretty much means the same thing  as foreclosure. 
In general terms there are probably in better  shape than a regular
 fo close. 

No doubt confusing. When it comes to the process of buying doesn't make much difference.
Best of luck to you
  • July 06 2012
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Profile picture for Dunes ..
REO-Bank Owned Properties
Many Banks have created Sites for the Public to use (For Free) to view and find Information about the Properties they have Listed for Sale (REO)
Sites Like..Bank of America...Wells Fargo
  • July 06 2012
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

REO=lender owned after default.
Lately lenders have seen that with a little repair and paint they can recoop some of their lost equity from the bad loan. I've seen a 50% increase of REO properties in So Cal that have been remodeled by the lender to maximize the amount of the sales price. It helps them and it helps the market by not flooding it with substandard properties at unreasonably low prices.
  • July 06 2012
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Real Estate Owned (i.e. Bank REO)
  • July 06 2012
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

It stands for
R eal
E state
O wned
and it means a bank owns the real estate. It is the same as saying Bank Owned Home.

  • July 06 2012
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Profile picture for Lawrie Lawrence
REO refers to Real Estate property that is bank owned. Property that has reverted back to the bank after a foreclosure.
  • July 06 2012
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.