Real estate owned or REO is a property owned by a bank or other lender, which was unsuccessfully sold at a foreclosure auction. From Wikipedia: “A foreclosing beneficiary will typically set the opening bid at a foreclosure auction for at least the outstanding loan amount. If there are no bidders that are interested, then the beneficiary will legally repossess the property.”
Also referred to as Bank Owned, REO properties can sometimes be an opportunity to purchase a home at a rate that is below market value.
To learn more about Bank Owned or REO property opportunities in the Fort Myers and Cape Coral Area, contact us to get started.
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