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July 27, 2010

REO Properties

REO properties refer to real estate which is owned by the bank. Often referenced as real estate owned, bank owned, and bank foreclosures, these properties were once foreclosure homes that did not sell through public auction.

REO properties have become a preferred choice amongst real estate investors. Although real estate owned homes generally have a higher price tag than houses sold through foreclosure auctions, they are sold with a clean title. The bank removes any tax or creditor liens which may have been attached and evicts foreclosed homeowners if they refuse to vacate the premises.

Real Estate Investing article on "REO Properties"