Understanding Foreclosures and Bank Owned REOs
What are REOs?
REO is an acronym for real estate owned and is industry jargon for foreclosure property repossessed by banks or lenders. If a lender or bank is the highest bidder at a foreclosure auction - or if no third party bids at the auction - the property reverts back to the lender and becomes a REO. REOs are bank owned properties.
Where can I find REOs?
There are several ways to locate REO properties. With the advent of the Internet, finding bank owned properties is easy. Homebuyers and investors can search for thousands of REO properties by clicking on the links provided.
Realty Trac publishes the largest database of foreclosure, auction and bank-owned homes in the country for investors and homeowners alike. HomePath features properties that are owned by Fannie Mae. HomeSteps features properties that are owned by Freddie Mac. HUD homes present opportunities for homebuyers interested in financing with FHA. HomeSales.gov provides current information about single family homes for sale by the U.S. Federal Government.