Yes - they stay REOs until they are sold. Some are rented out in the meantime. I don't have listing-to-closing data on these but REOs are faster than short sales but can be slower than sales from individual sellers.
HUD REOs might be good for your clients - let me know if you want details and I can help finance.
Eagle Nationwide Mortgage - Thomas.Stevens@ENMCdirect.com
Real estate owned or REO is a class of property owned by a lender, typically a bank, after an unsuccessful sale at a foreclosure auction.
William Roark (2006), Concise Encyclopedia of Real Estate Business Terms
I've got data on that on my website for the Orlando area.
The answer is: DAYS. REO's are typically on the market less than 30 days when they go to contract.
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