For those of you unfamiliar with the term REO, it is an acronym for Real Estate Owned. These properties may also be referred to as bank owned. When a borrower defaults on their mortgage payments, the lender(s) will start the foreclosure process, which starts with the notice of default (NOD). Once the foreclosure process is complete the bank now owns the home and may sell the property to help recoup their losses.
REO's can vary in condition. Some of them are gutted, missing appliances, have graffiti on the walls, while others are in move in condition. You just never know what they'll be like until you go and check them out.
As of January 14, 2009, there are 99 REO residential properties in Roseville, 25 REO's in Rocklin and 56 REO homes in Lincoln that are currently active and listed on the MLS.
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