A bank-owned foreclosure – commonly called a REO (bank lingo for “real estate owned”) – is a property that the lender now owns because the person who previously held the mortgage didn’t pay it… and nobody bid on it when it was going into foreclosure. Banks don’t really want these properties. After all, what’s a bank going to do with a house? As a result, lenders often turn around and sell these homes for less than what they’re worth compared to other, similar sales in the same … Continue reading...