Bank Owned Properties -- Real Estate Owned (REO) 

REO is a term used in the real estate industry to mean that an institution (e.g. bank, lender, investment group) foreclosed and took back possession of a property.  When people use the term foreclosure, they generally mean this type of property.

These represent a potential great investment opportunity because the institution wants to get the property off their books and it is usually a straight business decision for them ... like offer price versus carrying costs/market.  These type of properties are also much easier and quicker to purchase than short sales (where an owner needs to sell a property for less than they owe and the lender/lien holders must also approve the transaction -- a process that can sometimes take 4 to 6 months or more). 

You can also see the Companion Pages by clicking on one of these links:

Short Sales -- properties not yet foreclosed on and listed for less than is owed the bank

Short Sale Overview ... provides information on a short sale and the process of selling/buying one

Following are REO or Bank Owned Homes and Condominiums for sale Park City Utah and immediately surrounding area:

Short Sale and Foreclosure Resource

National Association of Realtors Certified
Short Sale and
Foreclosure Resource

 

HINT: Click house icons above for more information.