What the Heck are REO'S?

What are REO's

I hear that quite often from people, REO stands for Real Estate Owned.  It is an industry term, for a bank owned foreclosure. An REO has already gone through the foreclosure process, is owned by the bank and usually back on the market. Basically REO = Bank Owned Home.                                                     

I always tell my clients when I'm showing them bank owned properties, that we never know what we're walking into. I've been in some that were very nice, others that needed some minor tlc and some that are downright disgusting. Some have been vandalized, gutted or major items taken.

As of today, October 26, 2007 there are currently 66 Bank Owned properties on the market & 21 hud homes for sale in St. Clair Shores, according to my local mls. As I said, these have already gone back to the bank and gone through the foreclosure process.

Contact Mike Mitchell if you'd like a list of St. Clair Shores REO properties or Macomb County REO Properties.

For more information on St. Clair Shores Real Estate call Mike Mitchell - Realtor, 586-291-2652 or drop me an email.

 

 

 

 

4 Comments on What the Heck are REO'S?

The REO's do take a bit of time and patience to work through -- but if buyers can hang in there they are one heck of a good deal for them.  

Good to see though that the number is down in the Shores.  I believe when I checked September 1st there were over a hundred. 

10/27/2007 03:53 AM by Kris Wales-A partner for your real estate needs in Macomb County MI (RE/MAX Advantage 1, Inc.)

Kris - yeah, I've been in some that you wouldn't believe, not just in St. Clair Shores but anywhere in MI. I think you're right the number is down, but I think that's because they're actually selling a few of them. I hope that number can stay down, I hate to see people lose their homes. Thanks for stopping by and commenting! :)

10/27/2007 06:56 PM by Mike Mitchell - REALTOR® - St. Clair Shores, MI (GMAC Real Estate The Kee Group)

Mike:  Thank you for clearing that up for me.  I honestly did not know what REO actually meant.  I see it a lot and would just skim over it hoping, at some point some one would actually spell it out. 

11/28/2007 09:03 PM by Donna Yates, Georgia Realtor, North Georgia Blue Ridge Real Estate (Mountain Investments of North Georgia)

Donna - My pleasure, I think alot of people and agents too, don't know  what that acronym stands for, I didn't know until I started working them. Thanks for stopping by!

11/28/2007 09:32 PM by Mike Mitchell - REALTOR® - St. Clair Shores, MI (GMAC Real Estate The Kee Group)

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Real Estate Agent: Mike Mitchell - REALTOR® - St. Clair Shores, MI (GMAC Real Estate The Kee Group)
Mike Mitchell - REALTOR® - St. Clair Shores, MI
Saint Clair Shores, MI
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GMAC Real Estate The Kee Group

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