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Renovated Homes: Some REO Info Cleared Up

If you’re on the market for renovated homes, you may have come across the letters REO during your quest. I know when I was on the hunt for a perfect, renovated house, I though REO was some strange reference to the 80’s soft rock band, REO Speedwagon. I was wrong. Way wrong. Here is a little info on what REO means and how it relates to your search for a picture-perfect renovated house:

REO stands for real estate owned. It is a class of property owned by a lender, which is most commonly a bank. The property is acquired by the bank after an unsuccessful run at a foreclosure auction. After the property is repossessed by the bank, it is then classified as REO, and the bank goes through the process of selling the property on its own or by enlisting the help of an REO Asset Manager. If they decide to go with an asset manager, they will try to contact REO realtors that cater to a specific zip code to help sell the bank-owned property. Generally, REO bank properties are in poor shape in terms of appearance, with a few maintenance issues. That’s where Home Link Homes LLC come in. We specialize in taking these neglected homes under our wings, renovating them and releasing them out into the wild world of real estate in hopes of uniting them with the perfect home owner.

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Posted on: Monday, August 16th, 2010 at 9:00 am

Posted in: Uncategorized

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