RE/MAX Distinctive is the current listing broker for the following Government Enterprises, Financial Institutions and Asset Management Companies:
What is REO (Real Estate Owned)?
REO refers to a home that the homeowner lost in foreclosure. If the lender who foreclosed on the home can't sell the property at a foreclosure auction, then the lender takes over ownership of the home. The lender then tries to sell the real estate-owned property to minimize their losses.