Inspection contingency Real-estate owned Staging 
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.
HomeLight
SEPTEMBER 1, 2020
The home is now bank-owned (sometimes also called REO, or “real estate owned”). Bank-owned homes may not be the best-staged or the most recently renovated. Make sure the offer includes any important contingencies, such as an inspection contingency. Step 9: Order an inspection.
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