Bank owned properties, aka real estate owned or REO, are those that have been taken over by lenders due to problems paying the mortgage. These properties may be sold at bargain prices to move quickly.
Purchasing in this sector requires clear expectations, careful budgeting and an understanding of the risks involved, says Lizl Engelbrecht, national operations manager at Just Property, who cautions ...
Chicago also led the nation in the number of REOs, with 305 properties repossessed by lenders, reflecting broader challenges in the Midwest. New York, Houston, Detroit, and Dallas also saw significant ...
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