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What are REOs?
#1
REO stands for Real Estate Owned and are bank owned properties that are available for sale. Many home buyers believe that all REOs are at bargain basement prices but that is not always the case. REOs can be purchased at lower than market value, however, many mortgage lenders who own foreclosures normally due an intensive due diligence on market prices and get appraisals on REOs. My advice is to be careful when purchasing REOs, especially thoroughly check out what types of repairs is required.
Gustan Cho, NMLS 873293
Area Manager
The Gustan Cho Team at CrossCountry Mortgage Inc. NMLS 3029
address: 425 North Martingale Road Suite 1280, Schaumburg, IL, 60173
Website https://www.gustancho.com
Direct 800.900.8569
Email gcho@gustancho.com
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