Quotes of the day:
Know\'st thou the land where the lemon-trees bloom, Where the gold orange glows in the deep thicket\'s gloom, Where a wind ever soft from the blue heaven blows, And the groves are of laurel and myrtle and rose
Real estate owned (REO) is property owned by a lender, such as a bank, that has not been successfully sold at a foreclosure auction. REO properties can include detached houses, condominiums, townhomes, and land. A lender—often a bank or quasi-governmental entity such as Fannie Mae or Freddie Mac—takes ownership of a foreclosed property when no bidder offers the amount it seeks to cover the loan.