Real estate owned  From Wikipedia, the free encyclopedia
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search REO properties often have dead lawns and may be poorly
maintained.  Real estate owned or REO is a term used in the
United States to describe a class of property owned by a
lender—typically a bank, government agency, or government loan
insurer—after an unsuccessful sale at a foreclosure auction.[1]
A foreclosing beneficiary will typically set the opening bid at
a foreclosure auction for at least the outstanding loan amount.
If there are no bidders that are interested, then the
beneficiary will legally repossess the property. This is
commonly the case when the amount owed on the home is higher
than the current market value of this foreclosure property, such
as with a high loan-to-value mortgage following a real estate
bubble. As soon as the beneficiary repossesses the property it
is listed on their books as REO and categorized as an asset
(non-performing asset).   The term REO originates fr