Real Estate Owned, REO, is a term banks and lenders use to describe a property that has been foreclosed upon. Once the lender or bank forecloses a property the title reverts to their possession and they have the right to sell it as they see fit. Hence the term Real Estate Owned or Bank-Owned.
This is good news for first-time buyers, investors and even those that aren’t investors but would like to invest in a property for the future.
Because the lenders and banks have an abundance of bank-owned properties, they need to competitive with prices. You will see some very good deals!
This is the time to buy! Even if you own a home and are content with your living conditions. Why not purchase a bank-owned property, hold on to it for a few years, maybe even rent it out to re-coop some costs and sell it when the market is right?
The people who buy bank-owned properties now, will make an excellent profit in the future.