Sure you’re familiar with the term: REO property. And you probably know that it means it’s a property that’s owned by the bank.
But do you know the lifecycle of an REO? How a property goes from being owned by a homeowner to becoming a foreclosure…
Hey Moguls, Matt Andrews to let you know that there are actually 6 stages in the lifecycle of an REO – and we’re going to go through each one in today’s lesson.
Knowing this info will better prepare you if and when you decide you to do a deal involving an REO. Knowledge is power, as they say! (But who’s they?!)
So, REO stands for Real Estate Owned and means that the bank or another lending institution now has ownership of that property.
To figure out it gets there, let’s dive in to the 6 stages a property goes in the REO process…
6 Stages of an REO
Stage 1: Private Ownership
So this is the beginning, right? Mr. Sam Homeowner bought and owns this…
Matt Andrews
is a real estate investor, serial entrepreneur, growth hacker, film producer, and #1 bestselling author. He is best known for the Real Estate Investors Guide book series, the Real Estate Freedom Podcast, and founder of Real Estate Freedom. Matt has been seen on CNN.com, Forbes.com, ABC News, and numerous other media outlets. He specializes in trainings Spotlighting cutting edge real estate strategies. Matt and his wife Lindsay travel the world while running their businesses and working as founding board members of 3 charities: Khusi Hona: The Indian Orphan Project, The Rising Heroes Project, and Jamobility: The Jamaican Wheelchair Project.