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 … (5 comments)
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