Definition: Buying a property where the Seller is a Lender as a result of a foreclosure or forfeiture.
R.E.O. stands for Real Estate Owned. The economy has taken a downturn and owners are facing a predicament in which they must turn their property over to a lending institution because they cannot meet their mortgage payments. When you purchase a R.E.O. property buyers can incur special challenges such as tighter time lines and rigorous policies. Keystone Escrow understands these challenges and specialize in the closing of R.E.O. properties.