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Real estate owned (REO) property is owned by a bank, government organization, or another lender after an unsuccessful sale at a foreclosure auction. Learn how it works. Learn what REO is, the pros and cons of buying real estate owned properties, and how to navigate the foreclosure process to purchase your next home. Find information on foreclosures, real estate owned (REO) and bank-owned homes and properties from Bank of America's Real Estate Center®. Get the tools and information to help find a home that fits your homeownership goals. Search Foreclosed Homes for Sale - REO and Bank Owned Homes | Real ... After foreclosure auction, the homes that don't sell become real estate owned properties, or REO properties. What that means and how you can buy one.

Real Estate Owned or "REO," is a banking term used to describe a property that was acquired by a bank, lender or servicer as a result of a foreclosure or deed-in-lieu of foreclosure. Once the foreclosure or deed-in-lieu of foreclosure process is completed, the title has been transferred and the property is ready to be marketed, it'll be available for sale through a local real estate agent. Discover the ins and outs of Real Estate Owned (REO) properties - properties owned by a lender. Learn about the process, potential benefits, and risks.