What Does REO Mean?
Recently went to a County Foreclosure auction. They were asking for $225000 and no one bid on the property. This is WA state...what happens now? We did not have the cash but would deal with the bank or the owner directly?? The bank says they normally list the properties with the local real estate folks. The owner is still living in the house. How does all this work? Newbie
REO stands for Real Estate Owned, or a bank owned property.
If no one bid on the property, then then bank becomes the highest bidder and "wins" the property. Banks don't want to own property so they sell it, as stated, usually thru the local MLS listing agent.
Once it's listed, you can make offers on it just like any other property listed for sale. By the time, it's listed, the bank will have taken care of the current "tenants" so you won't have to worry about that.
Roger