An REO, or real estate owned property, is a property that has been foreclosed on and is now owned by a bank or lending institution. REOs are often sold at a discount to market value, making them an attractive option for homebuyers. However, there are some important things to keep in mind when buying an REO.
One of the most important things to remember is that REOs are sold “as is.” This means that the bank or lending institution will not make any repairs or improvements to the property before selling it. As a result, it is important to have the property inspected by a qualified inspector before making an offer. The inspection will help you to identify any potential problems with the property that could affect its value or habitability.