Exactly what is a REO property? There is a whole bunch of property in the world that is classified as REO property, or real estate owned property, property which has been foreclosed upon by the bank. For the homeowner, buying an REO property offers that buyer the chance to take their time in making an offer.
Most banks list foreclosed properties for sale on an as is basis, so they can sell them as quickly as possible. In most cases, the bank is losing a lot of money on properties they have to foreclose upon, so getting at least some sort of money out of the ordeal is a great positive.
If you are on the market for a home and you want a deal, a distressed home is a good option. Bank REO listings offer the homeowner the chance to buy a high valued home for less than it should cost. This can be huge for the first time homeowner, as they can get an awesome deal.
Between 2008 and 2011, a third of all home sales were distressed home sales. This is largely because of the poor quality of the real estate market due to the recession in the American economy. During that time, it is safe to say a bunch of people were very interested in buying bank owned property.
Reo foreclosure listings can be found on the internet, or by talking to a real estate agent very informed on what is a reo property. They can help you get an awesome deal on a new house, and make you really happy when you find a top quality home that has been foreclosed upon and pay less than what you should.