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What Does REO Mean

To simplify the term REO, it is a Real Estate Property owned by banks or financial institutions. Usually a group of houses.
There are two options on how the banks sell the property either tagged it as "bank owned" which would tell that the lender is ready to sell the property as soon as possible. Or either put the property on auction status and attempt to sell the house at auction to the highest bidder.
Unfortunately even an auction sales will not satisfy the lender to agree on sale of the home and would not be able to get any bids.
Banks also do not want to have these properties in their hands for long because it would not give them any return of investment that's why they put these properties on REO status.
By putting the property in REO status, It would be then marketed to the real estate investors. These are companies who are looking for properties at a cheap price and reselling it at their own desired prices.

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