What Are REO Properties? Pros, Cons, and More
You might see one home listed for much less than its neighbors. What's the deal with REO properties?
When we say a property is “going under foreclosure,” it means the lender is selling it to fulfill a mortgage debt after the borrower has defaulted. The home will be sold at a public auction once the foreclosure is complete. However, in many cases, the lender is the sole bidder, which means the lender eventually becomes the new owner. Once sold, the...
