REO (Real Estate Owned by Bank)
The next step after the lender has foreclosed on a property and now has title and ownership of the property. These new owners may encourage multiple offers, respond very slowly to buyers agents as management teams may need to approve a sale price, homes can be winterized and power turned off making inspections and your lenders appraisals much more difficult and time consuming. As with all distressed properties most of these properties are sold “As Is”, latent and/or major repairs are possible. Possession can be delayed as final HUD documents are reviewed.