Home Buying in 12491>Question Details

anybodythere…, Home Buyer in Saugerties, NY

what does reo resale mean?

Asked by anybodythere08, Saugerties, NY Tue Jun 25, 2013

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It generally refers to bank owned properties.
0 votes Thank Flag Link Wed Jun 26, 2013
REO stands for "Real Estate Owned" and refers to after a home goes through the foreclosure process and the bank then takes the property back. It then becomes an REO where the bank becomes the owner and will sell off the property.
0 votes Thank Flag Link Tue Jun 25, 2013
An REO refers to a bank repossessed foreclosure.
0 votes Thank Flag Link Tue Jun 25, 2013
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