With all of the media reporting on REO's I thought It may be important to first consult a Real Estate Investor and a Realtor by trade exactly what an REO is and what it means to the average Bay Area resident. Thanks for joining Green Mortgage Group John. So what is an REO anyways?
REO stands for "Real Estate Owned". These are properties that have gone through foreclosure and are now owned by the bank or mortgage company. This is not the same as a property up for foreclosure auction. When buying a property during a foreclosure sale, you must....
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