REO
Definition
Real Estate Owned. Property which is in the possession of a lender as a result of foreclosure or forfeiture.
Use REO in a sentence
“ The bank is worried that the REO acquired will not return as much as was lent due to the state of the property. ”
“ The property was rREO, which meant that it did not belong to us, but belonged to the real estate company instead. ”
“ When my wife and I bought our house, we opted to buy a house that a bank had foreclosed upon and that was currently a REO property. ”
