REO stands for Real Estate Owned and refers to Bank Owned Properties / Foreclosures. Banks use this term internally to describe the real estate properties they have foreclosed upon and now “own” and often refer to their foreclosure departments as “REO Departments”. REO is either pronounced “R-E-O” or pronounced “Rio” … like you would pronounce “Rio De Janeiro”.
Occasionally, you may hear the term “REO” used by banking professionals Realtors who specialize in short sales and foreclosures when referring to foreclosed properties. When speaking of a specific property, I may ask a colleague if the house “went REO” as a way of inquiring as to whether the home is a foreclosure. As a member of the general public, you might see REO on advertisements from bank asset managers when referring to listings of foreclosed properties. Anyway, that’s a brief history of the term, thanks for reading and I hope you found this helpful.
Portland Oregon REO Properties
Please call us today to learn more about Portland REO bank Owned Properties and to see some of these foreclosure deals for yourself. Short sales, foreclosures and even private sales are offering qualified buyers the chance to save big when compared to previous Home Values.
Contact us today to get your own list of Portland REO Listings. Also take advantage of our Exclusive Buyer Service where we show you what homes in your area are selling for. This way our clients can make their own educated decisions and see just how great of a deal they are getting. We are Realtors and Brokers Licensed in the State of Oregon. Let us work hard for you today: 503-473-8001.