Jill Grasky
REALTOR, SFR
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REOs, sometimes known as Foreclosures or Bank-Owned Properties

REO stands for Real Estate Owned.  A property becomes "real estate owned" when the foreclosure proceedings have taken place, the property has been to a trustee sale, and the winning bid was the lender.  The next step is the property is listed with a real estate agent.  The buyer's agent is dealing directly with the lender's agent, which makes the entire process quicker than a short sale.  REO properties can usually be closed within 30-45 days and can be a fantastic deal or a nightmare.  It all depends on the condition of the property, how long the utilities have been turned off, and the addendums to the contract provided and required by the lender.