REO (Real estate owned) is a term used in the United States to describe a class of property owned by a lender—typically a bank, government agency, or government loan insurer—after an unsuccessful sale at a foreclosure auction.
Foreclosure is a legal process in which a lender attempts to recover the balance of a loan from a borrower who has stopped making payments to the lender by forcing the sale of the asset used as the collateral for the loan.
Hire A Professional Real Estate Agent
Unless you have direct experience negotiating with banks, you may receive better representation by hiring your own buyer’s agent. Dorothy Jensen Realty, Inc. specializes in REO and foreclosures. Please contact us if you are thinking about buying a foreclosure.