When a lending institution, often a bank, but not always, takes possession of a residence and requires the owners to vacate because they failed to make payments as required by their mortgage loan agreement.
What is a REO?
It stands for real estate owned, a banking term for a piece of property owned by a lending institution after a foreclosure. The institutions generally want to rid themselves of REO properties in a timely manner, but they also want to get fair value for those properties.
Do I need a Realtor to buy a foreclosure?
Although it is not a requirement, finding an agent experienced in foreclosures is usually a good idea, and some institutional sellers will not accept offers from unrepresented buyers. It costs no extra for a buyer to be represented by a Realtor; the seller pays for the representation.
How many foreclosures are currently available in Las Vegas?
There are about 5700 single family REO listings right now. In addition there are overr 3300 in contract and there were over 2700 sales in the last month.