Real Estate Owned (REO)
A Real Estate Owned or REO property is a property owned by a lender, usually a bank. Depending on the jurisdiction, an REO is the result of the lender exercising its remedy for a borrower in default, called foreclosure. The bank actually takes ownership of the property, hence “Real Estate Owned”, to compensate for the defaulted loan. Depending on the specific situation, REO properties can be a good source of below market value single family rental investment property opportunity.
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