What are REO's
Many times I'm asked by clients, what's an REO or what does REO stand for. REO stands for Real Estate Owned. It is an industry term, for a bank owned foreclosure. An REO has already gone through the foreclosure process, is owned by the bank and back on the market.
Basically REO = Bank Owned Home.
I'm in and out of REO's all the time showing them to clients of mine. I always tell my clients when I'm showing them bank owned properties, that we never know what we're walking into. I've been in some that were very nice, others that needed some minor tlc and some that are downright disgusting. Some have been vandalized, gutted or major items taken. You just never know until you go and check them out. Many times, people are able to get a pretty good deal, buying them at below market value.
You have to act fast, when you find a good one, many times these bank owned homes end up receiving multiple offers, yes, even in this market.
As of today, July 16th, 2007 there are currently 87 Bank Owned properties on the market in St. Clair Shores, according to my local mls. As I said, these have already gone back to the bank and gone through the foreclosure process.
Click on the link for a FREE list of St. Clair Shores Bank Owned homes or Macomb County Bank Owned homes.
For more information on St. Clair Shores Real Estate call:
Mike Mitchell - REALTOR ® 586-291-2652 or drop me an email.
Mike Mitchell - REALTOR ®
GMAC The Kee Group
Direct: (586)291-2652
Fyi, when I googled what is REO your AR post came in #3. Wow! Anyway, here in SoCal a 2nd wave of REO's are coming. My client is projecting to sell about 1,000 of them for the rest of 2009. Thanks for the great REO explanation Mike.
Thanks for your comments Les!