The term REO home refers to properties that are scheduled to be sold at public auction due to the previous owner's default on their home mortgage loan. When a default occurs, the lender will pursue a foreclosure auction in order to retrieve the amount lost on the loan. Buying an REO home at auction can be a very wise investment, both for first-time homebuyers and experienced real estate speculators. Often, an REO home can be purchased for far below its true market value at auction. It can be a great way to both save money and leave extra room for profit.
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Select a state in the list below for foreclosure listings of bank foreclosures for sale.