FHA loan Inspection contingency Real-estate owned 
Redfin
MARCH 4, 2025
If possible, consult a real estate attorney to be sure you understand the realities of the auction and the transaction rules. Bank-owned properties Bank-owned properties, often called real estate-owned (REO) properties, are owned by the lender. Can you buy a foreclosure with an FHA loan?
HomeLight
SEPTEMBER 1, 2020
The home is now bank-owned (sometimes also called REO, or “real estate owned”). If the former homeowner defaulted on an FHA loan, the home may become inventory for various HUD programs, including the Good Neighbor Next Door program. The process of buying a bank-owned foreclosure.
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