If you’re looking to buy a home, you’ll likely come across homes for sale referred to as "REO" or "bank-owned." What are these properties and should you consider looking at them?
Essentially, REO and bank-owned properties are one and the same and are most prevalent in regions hardest hit by the housing crisis, such as Arizona, California, Florida and Nevada. These homes have been through the entire foreclosure process and are now owned by the lender. This means that the seller is the bank or an institution such as Freddie Mac vs. another homeowner.
You should absolutely consider buying an REO property if it fits your key buying criteria, such as location, size and price. However, it's important that you educate yourself before diving in.
Freddie Mac's REO properties are managed through HomeSteps®, our real estate sales unit. HomeSteps offers a variety of desirable and affordable homes throughout the country and is definitely worth a look.
To find a listing of REO homes for sale in your desired neighborhood, visit HomeSteps.com today.
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