| <br /><br />Real Estate Owned (REO) | | | | >However you access lists of REO properties, you |
| properties are homes which have been repossessed | | | | will certainly want to access these listings. REO |
| by a bank or lender after a homeowner defaulted on | | | | properties are often sold at below market and these |
| their mortgage. You can easily find these homes via a | | | | distressed homes are especially attractive to new |
| bank owned property listing or by calling banks and | | | | homebuyers and new investors. Although these |
| asking for their lists of foreclosures. Most banks are | | | | homes are often sold below market value, they often |
| happy to offer you their lists, but you do need to | | | | come with far fewer risks than many distressed |
| phone each bank individually to locate these properties, | | | | homes. Banks need to take care of any clouds on title, |
| which can be time-consuming. At some banks, you | | | | any tenants, and other legal issues before taking |
| may also be switched from department to department | | | | ownership of these REO homes, and this means that |
| until you find the correct person responsible for REO | | | | when you buy these foreclosures, you do not need to |
| home listings. Today, bank owned property listing | | | | worry about such legal issues. As well, REO real |
| services allow you to easily and quickly access REO | | | | estate sold through bank owned property listing |
| home listings in a specific area. These online lists tend | | | | services is typically sold through real estate agents, so |
| to be the most effective way to search the properties | | | | the buying process is very much the same as buying |
| offered by several banks.<br /><br | | | | a full-priced property. |