Buying real estate owned (REO) by a bank can be a great way to get a good deal on a property. REOs are properties that have been foreclosed on and are now owned by the bank. Banks are typically eager to sell REOs quickly, so they are often priced below market value.
There are a few things to keep in mind when buying an REO. First, REOs are often sold “as is,” meaning that the bank will not make any repairs or improvements to the property before selling it. Second, REOs may have liens or other encumbrances that you will need to clear before you can take ownership of the property.
