How to Buy a Foreclosure: Your Go-To Guide to Distressed Properties
HomeLight
AUGUST 31, 2021
Bank-Owned or REO: If a home doesn’t sell at auction, it becomes a real-estate owned home , meaning the bank or lender officially owns it. Bank-owned/REO sale. If a home doesn’t sell at auction, the bank will formally take ownership of the house and list it as a real-estate owned property.
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