Bulk REO Properties: What are REO Properties?
Posted on May 27, 2009
Filed Under REO Properties |
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What are Bulk REO Properties?
REO is a class of property owned by a lender, typically a bank, after an unsuccessful sale at a foreclosure auction.A bank will typically set the opening bid for REO propertys sale at a foreclosure auction for at least the outstanding loan amount. If there are no bidders that are interested, then the bank will legally repossess the property and list it as REO in their books.
Once a property is REO, the bank or lender will try to get rid of the property by either selling it directly themselves or through an established broker. The REO property is usually sold for atleast the outstanding loan amount which is generally less than the market price for the property.
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