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Answer Posted / varsha
An REO (Real Estate Owned) is a property that goes back to
the mortgage company after an unsuccessful foreclosure
auction. You see, most foreclosure auctions do not even
result in bids. After all, if there was enough equity in
the property to satisfy the loan, the owner would have
probably sold the property and paid off the bank. That is
why the property ends up at a foreclosure or trustee sale.
Since what is owed to the bank is almost always more than
what the property is worth, very few foreclosure auctions
result in a successful sale. Then the property "reverts"
to the bank. It becomes an REO, or "real estate owned"
property.
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