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Short Sales & Foreclosures > What is an REO? (Real Estate Owned)
If nobody bids high enough to meet the lender's price at auction, the foreclosure completes and title transfers to the lender. Real Estate Owned means the property is owned by the lender.
Some see REO homes as the best way to buy property because there are no emotions involved: it's strictly business between the buyer, their agent, the lender, and its agent. And because most lenders aren't landlords (nor do they want to be), buyers can often get a very reduced price, but not always.
Sometimes there are hidden fees, like unpaid taxes, penalties, etc., to contend with. Other times lenders aren't willing to negotiate the price down from market, or close to market. This is especially true in areas where home values have fallen further than lenders want to acknowledge.
If you have any questions about the Foreclosure Process please fill out our form, give us a call 541.343.8269 or email Kim@goldensold.com
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