REO House

A REO house is a property that is slated for public auction due to the previous homeowner's default on their government sponsored REO mortgage loan. When the homeowner defaults on their REO loan, the REO authorities will repossess and sell the house at public auction. These public auctions are an interesting opportunity for homebuyers and investors, because a REO house will often sell for far less than its true market price at auction than it would on the real market. Buying an REO house can be a great way to save money on property and leave extra room for future profits on resales.

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