Real Estate Owned (REO) is the property that is owned by the lender after it’s not been sold at the foreclosure auction. The owner becomes a defaulter and the bank/lender possesses the property. The lender tries to sell the property to recover the loan. Many times the properties are sold at discounted rates. The foreclosed homes may also require costly repairs.
There are lender’s REO specialist who manage the REO properties. Their role is to:
- Market the Properties
- Review all the Offers
- Prepare Reports regarding the Property Status in the Banks Portfolio
- Track the Legal Document
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