What are REOs - Real Estate Owned?
Buying an REO is similar to buying a short sale except the property is already owned by the lender. The property has already gone thru the foreclosure process and the bank typically lists the property with a qualified real estate agent. Hopefully the agent and the lender have open lines of communication to enhance a smooth sales and purchaseSometimes the lenders will sell foreclosure homes for less than the past loan balance. Most lenders have ‘guidelines’ for the amount they will accept. In our
Truckee and
Lake Tahoe areas most lenders are looking for a …








