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An REO property is a property that is owned by a lender - usually a bank - after an unsuccessful sale at a foreclosure auction. Because banks are not in the business of owning homes, REO properties, may be purchased by investors at prices below market value 1.
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1 REO. (n.d.). Investopedia.com. Retrieved November 19, 2007, from Dictionary.com website: http://dictionary.reference.com/browse/reo
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