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February 09, 2008

REO Properties

REO properties include real estate which is owned by the bank. Properties can include single-dwelling homes, multi-family dwellings such as duplexes or apartment buildings, commercial property, farms and vacant land.

A common misconception is REO properties are sold for pennies on the dollar. This is typically not the case. Banks want to recoup their losses and at least break even on their investment. Therefore, most REO properties are sold for the amount due on the note. Currently, few banks accept less than ninety-five cents on the dollar. However, as foreclosure rates continue to escalate, banks will be forced to accept lower amounts in order to liquidate their inventory.

Real Estate Investing article on "REO Properties"