Dennis Ferncez REO Real Estate Agent Serving California Arizona

909-660-8686

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    • Home
    • Great Reviews!
    • Southern California
    • Mohave County AZ
    • About Dennis
    • Free Property Value
    • Commerical Real Esate
    • BANK OWNED HOMES FOR SALE
    • What is an "REO"?
    • REO Services
    • Rights of Buyers/Sellers
    • Get Pre-Qualified
    • Down Payment Assistance
    • Mortage Relief Programs
    • Short Sale
    • Loan Modification
    • Community Resources

909-660-8686

Dennis Ferncez REO Real Estate Agent Serving California Arizona

Signed in as:

filler@godaddy.com

  • Home
  • Great Reviews!
  • Southern California
  • Mohave County AZ
  • About Dennis
  • Free Property Value
  • Commerical Real Esate
  • BANK OWNED HOMES FOR SALE
  • What is an "REO"?
  • REO Services
  • Rights of Buyers/Sellers
  • Get Pre-Qualified
  • Down Payment Assistance
  • Mortage Relief Programs
  • Short Sale
  • Loan Modification
  • Community Resources

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What is an REO?

     Real estate owned (REO) is real estate property owned by a lender, such as a bank, that did not successfully sell at a foreclosure auction. A lender (often a bank or government entity such as Freddie Mac or Fannie Mae) takes ownership of a foreclosed property when it fails to sell at the amount sought to cover the loan.  


     When a mortgage borrower defaults on their mortgage, the pre-foreclosure period often involves either a real estate short sale or a public auction. If neither goes through, the foreclosure process can end with the lender (often a bank or government entity such as Freddie Mac or Fannie Mae). 

Example of REO Foreclosure

     For example, say Blanca bought a home with a $400,000 mortgage but lost her job and still owed $300,000. After a few months of missed payments, her lender issues a notice of default (NOD). As a result, the lender loses the $300,000 that it lent to Blanca, but could recoup it by selling the property.  


     Blanca’s lender then tries to sell the property at a public auction, but it does not sell. At that point, the home became REO property and the lender puts it up for sale.   


     A few days later, Jamal, a prospective home buyer, sees the REO listing and submits an offer. When Blanca’s lender accepts the offer, Jamal takes ownership of the home, which means it is no longer considered an REO property. In this scenario, Jamal’s payment helped Blanca’s lender recover the amount that it lost with Blanca.  

Still Have Questions?

Give us call! We'd be happy to answer your questions and help you to understand more about REO.

909-660-8686


Copyright © 2022 Dennis Ferncez REO Real Estate  Agent Upland, CA  Mohave Valley, AZ - All Rights Reserved.

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  • Great Reviews!
  • Southern California
  • Mohave County AZ
  • About Dennis
  • Free Property Value
  • Commerical Real Esate
  • BANK OWNED HOMES FOR SALE
  • What is an "REO"?
  • REO Services
  • Rights of Buyers/Sellers
  • Get Pre-Qualified
  • Down Payment Assistance
  • Mortage Relief Programs
  • Short Sale

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