Real estate owned (REO) properties are properties that have been foreclosed on and are now owned by a lender. Buying an REO property can be a great way to get a good deal on a home, but it’s important to do your research before you make an offer.
There are a few things to keep in mind when buying an REO property. First, you’ll need to be prepared to pay in cash or get a loan specifically for REO properties. Second, you’ll need to be aware of the property’s condition. REO properties are often sold as-is, which means that you’ll be responsible for any repairs that need to be made.