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Real estate owned (REO) or bank owned is a class of property owned by a lender, typically a bank, after an unsuccessful sale at a foreclosure auction. This is common because most of the properties up for sale at these auctions are worth less than the total amount owed to the bank. After an unsuccessful auction, the bank will go through the process of trying to sell the property on its own. It will remove any liens and other expenses on the home and at that point will be put up for sale to the public, either through future auctions or direct marketing through a Realtor. |
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