An REO (Real Estate Owned) is a property that goes back to the mortgage company after an unsuccessful foreclosure auction. You see, most foreclosure real estate auctions do not even result in bids. After all, if there was enough equity in the property to satisfy the loan, the owner would have probably sold the reo property and paid off the bank. That is why the property ends up at a foreclosure or trustee sale.
Since what is owed to the bank is almost always more than what the property is worth, very few foreclosure auctions result in a successful sale. Then the property “reverts” to the bank. It becomes an REO, or “real estate owned” property
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IN THIS VIDEO THE AREA ON KH E SHAHEEN CREEK VISTA,PHASE 8 AND ON 16 STREET D CUTTING IS COVERED,
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