What Are the Pros and Cons of Buying a Bank-Owned Home?
HomeLight
AUGUST 31, 2020
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. It gets to that phase after the borrower defaults on mortgage payments for a period of time.
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