HomeLight

MAY 17, 2022

Real-estate owned (REO) homes. A real estate-owned (REO) home has been put up for sale at a foreclosure auction — but it didn’t sell. Now, the bank or another lender owns it and has listed it on the open market. For example, you can agree to an “as is” sale without requesting any repairs.

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Inspection Banks Short sale Title 115

HomeLight

AUGUST 31, 2020

Here, we break down the major pros and cons of buying a bank-owned property to demystify the process and prepare potential buyers. What is a bank-owned home? A bank-owned home, also known as “real estate owned” (or REO for short), refers to properties that have been foreclosed with the ownership transferring to the bank or lender.

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Banks Inspection Inspection contingency Title 98

HomeLight

SEPTEMBER 1, 2020

The home is now bank-owned (sometimes also called REO, or “real estate owned”). Make sure the offer includes any important contingencies, such as an inspection contingency. Step 9: Order an inspection. If the home fails to sell at the auction, the bank or lender takes possession of the house.

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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.

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Pre-approval FHA loan Short sale Banks 31