One of the many questions I get asked regularly is "What is an REO Property?" "REO"?!?! Yes, another acronym. It seems like in real estate, as in the technology industry, there are just too many acronyms.
OK... so this one is easy. REO means "real estate owned". Owned by whom, you ask? A bank or other lender.
"REO" and "real estate owned" are synonymous with "foreclosure". An REO property, also known as a "bank owned" property is simply a home that has been taken back via the foreclosure process and is now owned by the lender.
REO = foreclosure. It's that simple.
I know that if ever I encounter new real estate term yours is the blog to visit. You're doing a great job here. Thanks for always sharing. Good luck on all your endeavors. By the way, I know a real estate coach who could also help many in the real estate industry make money despite the current crisis.
Posted by: Janney | Thursday, October 08, 2009 at 09:53 PM
Tell me about it! There's so many TLAs* in this industry its getting ridiculous!
*TLA = Three Letter Acronym (Another one for you!)
The part that you didnt mention is that in todays flooded market REO = bargain homes the banks are only too many to sell!
Posted by: REO Properties | Monday, February 01, 2010 at 03:58 PM