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REO Properties
REO properties translates best to "real estate owned." The bank or lender that originally created a first mortgage is in question. Bank REO properties are available in many shapes and sizes. Most banks are overwhelmed with foreclosure listings. This is due to the huge collapse of the subprime mortgage industry and the declining status of the economy set off by the housing bubble of 2008. This means that someone might know of a property that was foreclosed on and reclaimed by a bank, but it might not yet have made the listings of bank REO properties because the staff has not yet assigned a sale price to it.
Breaking into the world of REO property and generating consistent leads is one of the best ways to guarantee a continuous flow of income to your Real Estate business. Once you open the door to these banks and asset managers, the leads will flood in. In fact, many top REO agents are forced to actually turn down many of the leads that they don't want.
REO lists and properties are an important tool for every foreclosure real estate investor and real estate agency. REO lists are updated daily or weekly, so you will never have a shortage of leads to chase.
What it basically means is that if a property in foreclosure is up for sale at an auction but nobody buys it, the bank holding the foreclosing mortgage will automatically take possession of the property, and the homeowners who dwell therein will be forced to vacate it if they haven't already.