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[aguilar]

REO = Real Estate Owned

REO is commonly referred to as bank owned property or any of the current "Real Estate Owned" property that a bank may have for sale.

Please feel free to ask questions about REO Real Estate here in our real estate forum. We have a specific section completely focused on REO real estate business.

Thank you!

[LeighAlpha]

REO? Short Sale? Foreclosure?
Short Sale - when the homeowner is in default but foreclosure proceeding have not begun, the owner may try to satisfy the credit obligation by selling the property at an amount lower than the mortgage balance owing. These sales are subject to lender approval, and the main reason a lender may approve a short sale is the cost to go through the foreclosure process may be more than the amount lost through a short sale.
Foreclosure - the lender has started the legal process to claim the property due to the mortgage being in default or other terms of the agreement breached.
REO/Bank Owned Property - the foreclosure process is complete and the property is owned by the lender.....

[BraidyPaul]

It means Real Estate Owned. In the application process, it refers to any deeded property the applicant ownes along with its corresponding information - address, type of property, use of property, value, balance owed, monthly payment, and taxes and insurance...............
In the servicing side of real estate, mortgage companys use the term REO for properties they have foreclosed upon, and now have converted into their name. Real estate they own.....