REO stands for Real Estate Owned ans in essence it's a Bank Owned property. At this point a property is a full blown foreclosure. This means the lender has repossessed by the foreclosing. Typically, the lender has taken ownership either through what's called a died-in-lieu-of-foreclosure arrangement with the title-holder during the pre-foreclosure stage or through a winning bid at the public auction.
Foreclosing lenders are frequently motivated to put on the market bank-owned properties without delay because they are non-performing assets... and that's GREAT news for you!!
Email me at ProRealtor@verizon.net to find out what REO's are available near you.
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