Despite the fact that most people, practioners and consumers alike, are now familiar with the term REO, some myths still remain. Here, I'll address a couple that I seem to be hearing every day.
But, first, for those that don't know, REO stands for Real Estate Owned. This generally refers to properties which have been foreclosed upon and which are now owned by the bank. In today's market, these properties are being marketed in large numbers, and consume about half of the available inventory in many areas. So, before you enter the buying game, there are a couple of myths you should better understand.
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