What is an REO?

"REO" means Real Estate Owned. These are houses which have been foreclosed upon that the bank or mortgage company currently owns. This differs from a property up for foreclosure auction. 

If you buy a property during a foreclosure sale, you must pay at least the loan balance plus any interest and other fees added during the foreclosure process. You must also be able to pay with cash in hand. To top everything off, you'll accept the property entirely as is. That possibly will include existing liens and even current occupants that may require expulsion.

A bank-owned property, on the other hand, is a much neater and attractive option. The REO property did not find a buyer during foreclosure auction. The bank now owns it. The lender will see to the removal of tax liens, evict occupants if needed and generally plan for the issuance of a title insurance policy to the buyer at closing. Read more...

 

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This post has been included in Florida Real Estate News Broward County, FL Real Estate News Pembroke Pines, FL Real Estate News
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Michelle Burgos, CDPE~Short Sale Expert Pembroke Pines,Miramar,Davie,Hollywood

Pembroke Pines, FL

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