Real Estate Owned
Real Estate Owned, as known as REO, is the technical term for bank owned and foreclosed properties. These foreclosures consist of HUD, Fannie Mae, Freddie Mac, VA, traditional banks and private lenders. REO inventory is constantly changing, and fluctuates over time.
A lot of REO properties, when they first hit the market, are required to be offered to owner occupant buyers first. After a predetermined number of days (depending on the bank or agency) these properties are then offered to investors.
Witty buyers can use available information to turn Real Estate Owned properties into fantastic opportunities.