What are REO properties?
An REO (Real Estate Owned property) - also known as a foreclosed property – is a property that was once customer-owned but has been turned back to the mortgage holder.
A foreclosure can occur when mortgage payments are not made over a period of time and efforts to resolve the default are unsuccessful.
Properties are listed at fair market value. We work with local real estate agents to review similar listings for price comparisons, assess the property condition, and set an accurate price.