HomeLight

AUGUST 31, 2020

Here, we break down the major pros and cons of buying a bank-owned property to demystify the process and prepare potential buyers. What is a bank-owned home? A bank-owned home, also known as “real estate owned” (or REO for short), refers to properties that have been foreclosed with the ownership transferring to the bank or lender.

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HomeLight

SEPTEMBER 1, 2020

The home is now bank-owned (sometimes also called REO, or “real estate owned”). If the former homeowner defaulted on an FHA loan, the home may become inventory for various HUD programs, including the Good Neighbor Next Door program. The process of buying a bank-owned foreclosure. Source: Hans M / Unsplash).

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HomeLight

MAY 17, 2022

But if you’re not an experienced investor who has a background in fixing up homes to flip or rent, buying a foreclosure might not be a strategy you want to tackle on your own immediately. There are a lot of other ways to invest in real estate ! Real-estate owned (REO) homes.

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