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WHAT IS REO?

Real estate owned or REO is a term used in the United States to describe a class of property owned by a lender—typically a bank, government agency, or government loan insurer—after an unsuccessful sale at a foreclosure auction.

DEFINITION of ‘BankOwned Property’ Properties that are taken into a bank’sinventory, after a foreclosure sale. Bankowned property is aquired by a financial institution when a homeowner does not make their mortgage payments. These properties then sell at a discounted price, much lower than current home prices.

FOR MORE DETAILS AND HELPFUL WEBSITE, WWW.HOMEPATH.COM AND FNMA REO SITE.

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