The Real Estate Encyclopedia
What is a REO?
Category - Mortgage Questions - Foreclosure & REO FAQ's

REO is an acronym for Real Estate Owned property. 

When a property goes through the foreclosure process and is sold at auction, the borrower or owner typically owes more to the lender than the property is worth under present market conditions.  For this reason, not all foreclosures attract many buyers. As a result, foreclosure auctions may not always result in the sale of the property and the title reverts to the financial institution holding the lien. These bank-owned properties are referred to as REOs. 

Mortgage Questions - Foreclosure & REO FAQ's
Home Buying Questions - General Home Buying FAQ's
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