REO Definition

Oregon Foreclosures
REO Definition 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…
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