About Bank REO Real Estate
Bank REO Estate is your resource for information about how to find listings and brokers that have inventory or specialize in REO Real Estate.
We provide reviews for any website that contains REO property listings. We review the search features, check for bugs and look for anything that it noteworthy. We also look for information about the Bank or Broker and post it on the review.
We also update the website with industry and regulatory news, commentary and updates. Please check back often for updates.
GUEST WRITERS: If you would like to guest write for this website, please email us at email address at the bottom of this page. We require two writing samples and a definition of “Money” in your own words.
Real estate owned or REO is a class of property owned by a bank, after an unsuccessful sale at a foreclosure auction. This is common because most of the properties up for sale at these auctions are worth less than the total amount owed to the bank. The minimum bid in most foreclosure auctions equals the outstanding loan amount, the accrued interest and any costs associated with the foreclosure sale including attorneys’ fees.
After an unsuccessful auction, the bank will go through the process of trying to sell the property on its own. It will remove some of the liens and other expenses on the home and try to resell it to the public, either through future auctions or direct marketing through a Realtor. Generally speaking, bank REO properties are in poor shape in terms of repairs and maintenance; however, real estate investors will often go after these properties as banks are not in the business of owning homes and so, in some cases, the low price can more than compensate for the condition of the property.
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