What are REO properties?
An REO property is a Bank-owned property. Essentially what this means is the bank has bought the property back from the home-owner and is now the new home owner. Typically this is much better than just buying a foreclosed house. The REO properties have a clear title so when you buy it, thank bank is the only one with a lien on your home. If you buy a foreclosure, you could be buying a home with multiple liens and not only that, foreclosed homes typically have a zillion issues with it because the previous home-owner has trashed it or sabotaged it before leaving. REO properties COULD also have the same trashed-home-syndrome but it is not as likely as they tend to try to sell them on the traditional home-selling market instead of foreclosure auctions.
