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True Definition of a Bank Owned or REO
True Definition of a Bank Owned Home or commonly referred to as an REO
There is some uncertainty about what is meant by Lender Owned, Bank Owned, REO properties, First of all it is all pertaining to the same thing.
So here is a True Definition of a Bank Owned or REO from A Licensed Loan Officer and added content from a Licensed Real Estate Agent.
An REO (Real Estate Owned) is a Home that has been Foreclosed on, went to Auction and did NOT get Purchased, weather the opening bid was too high, or lack of interest, or lack of knowing, either way Lender Owned Homes, Bank Owned Homes, Real Estate Owned all means simply that.
Now the Real Question is: How does one consider these specific properties for Purchase as to the advantages or disadvantages these properties may have.
Well here are some Advantages for the Buyer:
All REOs are Vacant: At least they should be, so this eliminates much time and frustration trying to schedule showings with picky sellers and unavailable Listing Agents-Had to bring that up, because all too often they are unavailable to answer questions you have, or coordinate with the Sellers to set ... more
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