Exactly What is an REO?

REO is fastly becoming a household acronym. REO stands for 'Real Estate Owned' and it refers to a property that has gone back to the bank/mortgage company, after an unsuccessful foreclosure auction.

REOs in the Pomona, Rancho Cucamonga, Ontario, Fontana, Chino Hills, Victorville, Murrieta, Corona, Mira Loma, Moreno Valley and the surrounding Southern California Inland Empire communities are a great affordable housing option for first time homebuyers looking to make the best investment in buying their first home.  If you are a serious buyer looking for a good deal in today's market, we'd love to sit down and discuss how this move could be your best move.

Did you know? . . . There are certain advantages to purchasing a property once it has become an REO. Unlike buying as a foreclosure at the foreclosure auction, REO properties can be inspected prior to the purchase so you can verify the condition before you buy.  Also, foreclosed property sold at the foreclosure auction can be in a deplorable condition, where bank-owned REO property is typically restored to a salable condition and maintained by the bank until it is resold as an REO.  Also all liens against the property or any unpaid taxes or fees are paid in full when the property is Sold as an REO.