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QUESTIONS ABOUT REO / BANK OWNED PROPERTY
1. What does REO mean?
Answer: REO is an acronym for "Real Estate Owned."
2. Why do people purchase REO properties?
Answer: The properties are often listed "as is." That makes them great opportunities for those who want to buy and fix up the properties and use them as a principle residence or an investment property.
3. How is purchasing REO properties different from regular real estate purchases?
Answer: REO properties are owned by corporations not individuals which leads to significant differences in all aspects of the purchase.
4. What should I know about buying at a "Trustee's Sale"?
Answer: Do your research before buying and use extreme caution before investing. Properties purchased at a Trustee's Sale are sold "as-is" for cash. There are no refunds.
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