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Lori Burgess, Home Buyer in Massapequa, NY

Hi, what does REO occupied mean? Thank you.

Asked by Lori Burgess, Massapequa, NY Thu Jan 24, 2013

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Hello Lori, great to see you here. Yes an REO is a bank owned property.
Real estate owned or REO is a class of property owned by a lender—typically a bank, government agency, or government loan insurer—after an unsuccessful sale at a foreclosure auction. A foreclosing beneficiary will typically set the opening bid at a foreclosure auction for at least the outstanding loan amount. If there are no bidders that are interested, then the beneficiary will legally repossess the property. This is commonly the case when the amount owed on the home is higher than the current market value of this foreclosure property, such as with a high loan-to-value mortgage following a real estate bubble. As soon as the beneficiary repossesses the property it is listed on their books as REO and categorized as an asset (non-performing asset). Whew!
There is no better time to buy an REO or a short than now. Interest rates and market prices are low.
Call me anytime to discuss REO properties, I love to talk Real Estate! I have a few great properties that you can look at.

This one. Lori, is a short sale. Not yet an REO.
http://westcottgrouprealty.com/?p=897

Have a great day!

Steve

631 661 8888
Steven Calapai
VP Operations/Marketing
Licensed Real Estate Sales Associate
http://www.westcottgrouprealty.com
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1 vote Thank Flag Link Fri Feb 1, 2013
REO, real estate owned, means that the property is owned by a lender/bank, or possibly by government insurer, or possibly a government agency; a property becomes an reo after a fruitless attempt at a foreclosure auction...occupied could mean that the owner, or someone else for that matter, could still be living on the premises; if the person(s) don't leave voluntarily, eviction proceedings need to take place.
1 vote Thank Flag Link Thu Jan 24, 2013
Yes, Anna is correct. An REO means the property is bank owned.

I hope this answered your question! If you have any further questions, please feel free to contact me by the ways below.


Wishing you all the best,

De Vonte Williamson , LSA
Proudly Serving Long Island
Coldwell Banker Residential
(631)384-3695
http://cbmoves.com/DeVonte.Williamson
http://devontesellsny.wordpress.com/
http://www.facebook.com/ISellNY
DeVonte.Williamson@cbmoves.com
0 votes Thank Flag Link Fri Jan 25, 2013
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