Home Buying in Roswell>Question Details

Yvonne Kleine, Other/Just Looking in Roswell, GA

What does "REO" occupied mean? I live in N.Y. and have never heard the term.

Asked by Yvonne Kleine, Roswell, GA Sat May 5, 2012

I want to relocate to the South and I am looking on-line to see where I think I would do best.

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This is pretty common here in Florida - and this is the reason our "shadow" inventory is not really seen. Banks keep foreclosed properties as their "real estate owned", and either sell them, or rent them out to regular tenants or to the previous owners.
This gives the banks pretty good income and reo properties look good on banks' books.

Hope this helps,

Irina Karan
Beachfront Realty, Inc.
IrinaKaran@gmail.com
0 votes Thank Flag Link Sat May 5, 2012
REO occupied means the bank owns the home but is renting it to either the owner or another individual. Part of the agreement is that they will cooperate with the agents, maintain the home and be willing to move if and when the home contracts. I'm a broker as well as forecloaure appraiser, this is becoming more common.

I moved down the the NY tri state area in '93, you'll find many transplants and a NY feel most frequently in the northern part of the metro area; North Atlanta, Dunwoody, Sandy Springs, Roswell, Alpharetta, Johns Creek.....

You can see much more data - including market reports for over 100 zips on my site - let me know if you need anything

Hank
0 votes Thank Flag Link Sat May 5, 2012
You may be referring to the program that has rented REO properties, read about it at the link below. Good Luck with your relocation!
0 votes Thank Flag Link Sat May 5, 2012
REO means literally Real Estate Owned - which in turn means that it is owned by the bank or mortgage company.

If you need a realtor, please consider me when you move to the area. Feel free to review available properties on my website as well as learn about the area by clicking the "local community" tab on my website.
0 votes Thank Flag Link Sat May 5, 2012
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