Real estate owned (REO) properties—also known as bank-owned homes—can offer great value for first-time buyers, move-up buyers, and investors. These properties are typically homes that have gone through foreclosure and are now owned by banks or lenders motivated to sell.
Our experienced real estate team specializes in helping clients navigate the unique process of buying or selling REO properties. Whether you are looking to purchase a bank-owned home or you are a financial institution needing to sell one, we understand the ins and outs of these transactions.
We have built trusted relationships with lenders and asset managers, giving us an inside understanding of how REO properties are handled—from listing and pricing to negotiation and closing.
WHAT IS AN REO PROPERTY?
An REO property is a home that has been foreclosed and did not sell at auction, so ownership reverted to the bank or lender. It may also come into bank ownership through a deed in lieu of foreclosure. Once in possession, the lender lists the home for sale—often at a competitive price.
Here is how it typically happens:
The borrower defaults on their mortgage.
The home goes into foreclosure.
If the property does not sell at auction, it becomes "real estate owned" by the lender.
The bank then lists it on the open market to recover losses.
Whether you are buying your first home or expanding your investment portfolio, we can help you explore REO options and guide you through each step of the process.
Note: This content is for informational purposes only and does not constitute legal advice. Please consult a qualified attorney for legal guidance related to foreclosure or property law.
