REO (Real Estate Owned) is a term used for properties that have been foreclosed upon and failed to sell at auction. These properties are now available to be sold by the lender for fair market value minus the cost of necessary repairs. Right now the REO market is white hot because of the sheer number of properties that qualify as REO.
REO properties are a direct result of the current economic difficulties. 
As more and more homes went into foreclosure more and more homes became REO. It is widely estimated that half of the homes in foreclosure will convert to REO properties. That was certainly the case last year.
For a home buyer there are several advantages to buying REO properties. Price is certainly one of the biggest advantages, but there are also financing advantages and timeline advantages as well. Stay tuned for the next few blogs as we talk about some of these advantages in depth.
The advice and tips offered in this blog are intended to be solely informational and do not apply in all circumstances. Make sure that you consult a real estate professional, financial consultant, attorney or accountant before taking any action. For further information or questions please contact Gabriella@IARNY.com
