REO / Bank Owned PropertiesJul 24th, 2011 | By Bea Weiss, Real Estate Consultant, Attorney | Category:
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Real estate owned or REO is a class of property owned by banks and lenders like Citibank, Wells Fargo, Countrywide, Chase, Fannie Mae and many others. Such properties have in fact already gone through the foreclosure process and are repossessed by lender.
Foreclosed real estate normally is auctioned off through a bidding process. Normally, the lender bids what is owed, and no more. If there are no higher bids, the lender takes the property and it becomes real estate owned.