Real estate owned, or REO, you see, is property that the bank has already foreclosed on. The reason that the banks have foreclosed on them is because the non payment of monthly mortgage payments by the owner has become too much, and so the bank needs to collect their collateral.
A distressed property is different from the REO properties because these are any property whose owner is in default on the mortgage.
The reason I write all this to you is because there are loads of REO properties for sale. All you have to do is consult REO property listings to see if you might be interested in buying bank owned property for sale. Finding bank reo listings is easier than you might think. All you have to do is perform a quick web search for REO properties for sale or ask a bank manager if they have any REO properties for sale in the area.
Most banks will inform the borrower of their REO listings and then will provide assistance in the application process if they are interested in REO properties for sale. There is not any rush to put a bid on any REO properties for sale, as there would be at an auction, either.
So if you are in the market for a home, and you would like to get a really great deal, then a distressed home or REO properties for sale are definitely worth a minute or two of your time to look at.
Does anyone have any experience with these properties? What was it like? Please share your story and experiences in the comments! Helpful links: www.reassetmarketplace.com