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Real Estate Owned Property or REO Property

Real Estate Owned Property or REO Property

A type of home that is owned by a mortgage lender or investor. This happens when the previous owner of the property has defaulted on their mortgage payments, and the lender or investor has foreclosed on the property. Typically, these properties are offered for sale through public auctions, but if they do not sell, they become an REO property. The lender or investor responsible for the property will hire a real estate agent to list it on the market. REO properties can offer buyers an opportunity to purchase a home at a discounted price, as they are often sold at lower prices than traditional homes. However, as with any property purchase, it is important to do due diligence before making an offer. Working with a knowledgeable real estate agent who has experience with REO properties can be helpful in navigating the purchasing process and finding a good deal.
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