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REO and Bank Owned House Information
What is an REO?
REO is an acronym used by financial institutions, which means
Real Estate Owned, and has come back into the bank's portfolio via a foreclosure process. The purchase of a REO property is much different than conventional homes and outlined below are the major points of difference. Most REO properties are sold as is with the seller making no repairs, and is addressed in their corporate addendums stating that the buyer will purchase as is but still have the right and contingencies of inspections. Furthermore, the seller does not provide a sellers disclosure statement, as they have no information on how the former owner was maintaining the property other than what is evidenced by the home's current condition.
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