Have you ever heard the term REO or REO property and wondered what that meant?  I know what you are thinking, “Wasn’t REO a band in the 80′s?”

REO stand for:

Real Estate

Owned

Property

This basically means that a lender owns the home.  You see the phrase REO frequently associated with foreclosures.

If you have any other real estate terms you would like defined leave me a note in the comments and I will address it!