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\n <\/div>\n \n Find a Top Agent For Your REO Home Purchase<\/h3>\n
If you’re in the market for a real estate-owned home, the process can be a little different from a traditional real estate transaction. Work with an agent who specializes in REO sales.<\/p>\n \n
What\u2019s an REO home?<\/h2>\n
A \u201creal estate-owned,\u201d or REO, home is one that\u2019s owned by a bank. The owner either forfeited it to the bank, or the house went to foreclosure auction<\/a> and didn\u2019t sell. Whatever the case, now the house belongs to the bank.<\/p>\n Buying a bank-owned home isn\u2019t the same as buying a house from a private homeowner. In a typical home sale, if the home inspection<\/a> finds issues, you can negotiate with the seller. But with an REO sale, you generally won\u2019t get an additional discount on the price or be able to ask for repairs.<\/p>\n Typically, banks build the home\u2019s condition into their asking price, which is why these sales can be cheaper than a non-distressed house in the same neighborhood. It\u2019s rare for banks to bother fixing up an REO home. They\u2019ve already lost money in the foreclosure process and are trying to minimize further losses.<\/p>\n