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Real estate owned or 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 at a foreclosure auction for at least the outstanding loan amount.

ARTICLES

Real estate owned or 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 at a foreclosure auction for at least the outstanding loan amount.

NEWS CORNER

One of the benefits of buying a bank-owned REO property is that investors can purchase the home free of title liens and other claims.Lenders generally expunge all second and third liens, delinquent taxes, HOA liens, as well as mechanics’ liens. Another benefit to buying an REO property is that they are generally vacant. Investors can save a tremendous amount of time and energy because the eviction process has already been taken care of by the bank. REO properties are great homes for investors to buy because they are generally