Homes can become bank-owned properties if the homeowner defaults on their mortgage and the bank forecloses. Bank-owned properties may also be referred to as real estate owned, or REO for short.

What Is Bank-Owned Property? Bank-owned property, also known as real estate owned (REO) property, is a designation given to properties that were not sold during a foreclosure sale, and thus are added ...

Bank owned properties, aka real estate owned or REO, are those that have been taken over by lenders due to problems paying the mortgage. These properties may be sold at bargain prices to move quickly.

Purchasing a foreclosed home involves buying a repossessed property at a reduced price with the help of a real estate agent and submitting an offer to the bank. The real key to successfully buying a ...