Bank owned properties are also referred to as REO's, or Real Estate Owned and Foreclosure properties. When a property is owned by the bank, or Mortgage Company it is known as an REO. There is a long process to getting these REO's from the auction to the marketing platform. Many times the Mortgage/ Banks will hire a REALTOR to handle all of the pre-marketing details. Some of these details are cash for keys (C4K), eviction, trash out (cleaning), and opinion of value. Typically the agent is given a short amount of time for each detail of the pre-marketing.
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