Despite the decline in the foreclosure rate, one of the prime sources of investment properties is still the REO. A good source of profit is readily available when you know where to buy and sell these properties. REO is the commonly used acronym for “real estate owned”. An REO is a foreclosed property that the lender has repossessed for non-payment of the mortgage loan. Not all foreclosures become the property of the bank. It’s only when the lender is unable to sell the property at public auction that a property becomes an REO, and the bank takes possession and re-sells it. After the housing crash, real estate investors were shut out of most sources of funding fix and flip properties and residential rental homes. Realty Exchange’s REO Division will open the door to this lucrative category of real estate.
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