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what is a reo property

1Answers
DeChristian
11/28/2025, 06:48:12 AM

Real estate owned (REO) refers to property that a lender takes possession of after it does not sell at a foreclosure auction following a mortgage default. Once the lender, typically a bank, becomes the owner, it will try to sell the property by hiring a real estate agent or listing it on various online platforms.

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