REO Bank Owned Properties
For more information contact us today at 1-315-398-3322!
DOWNLOAD THE CURRENT PROPERTY LIST
The term REO originates from the GAAP term Other Real Estate Owned (OREO) used on financial statements as a classification of real property owned by an entity which is financial institution not directly related to its business. In balance sheet terms, OREO assets are considered non-earning assets for purposes of regulatory accounting. With regard to national banks in the U.S., the term OREO is legally defined by the Office of the Comptroller of the Currency in regulations promulgated pursuant to 12 U.S.C. § 29.
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).
Call us at 1-315-398-3322 and learn about all the ways that you can profit. Or Email Us:
