Q. What does REO mean?
A. REO is an acronym for Real Estate Owned which is a financial industry term referring to properties that a banking institution has foreclosed upon and now owns.

Q. How is this different from the typical buying process?
A. When considering a bank owned or REO property - as with all properties - it is important to be well informed so you’re well aware of the process from the first handshake through closing.

Q. If I submit my offer through a buyer’s agent rather than through the listing
agent, will the bank accept a lower price?
A. Banks only accept offers that have been submitted through the listing agent. They price the REO properties in accordance with the local market and expect to sell at market value. As with any property listing, the asking price takes into account its condition as compared with the local market.

Q. After submitting my offer, how long should it take to receive a response?
A. Once your offer has been submitted, the listing agent will inform the buyer or buyer’s agent of the banks response as soon as possible. If an offer is submitted during the weekend, it will be reviewed on the next business day.