A real estate-owned or REO property is a home that has been through the foreclosure process and is controlled by the lender, government agency or government loan insurer. The bank or government agency will take possession of a property once the foreclosure auction ends with no successful bidders. The home is then repossessed and classified as a bank REO.
For banks and government agencies, REO homes soon become expensive because of maintenance and other holding costs; therefore, these homes are often sold as soon as possible for far less than market value.
To get that REO pipeline flowing freely, banks are pricing their REO assets for much less than current market value. Major discounts from 30 to 50 percent - sometimes even more - on the prices of REO homes are being offered to entice rapid sales. That means you can land the deal of a lifetime with the purchase of an REO home, as well as secure financing direct from the actual source!
REO properties are an excellent opportunity for homeowners looking to save money. These homes sell quickly because of the attractive discount rates. Search today for the dream house that is waiting for you.