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.

Bank-owned properties can offer quite the deal. In most cases, these are homes that were passed up during a foreclosure auction, and now, the bank is on its last line of defense. They need to sell the ...

What is REO when it comes to real estate? It stands for real estate owned, and it’s a term you’ll see when a bank or lender takes ownership of a home after a failed foreclosure auction. When a ...