Q:

What does "REO" stand for?

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Quick Answer

REO stands for real estate owned. It refers to a property that has been foreclosed upon and lawfully seized and is owned by a mortgage lender after an unsuccessful attempt at sale.

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Full Answer

As of 2014, companies like Wells Fargo and others maintain listings of REO properties, which are for sale. In addition to attempting to recoup losses, Wells Fargo reports that revitalizing communities and neighbourhoods is its goal. There are many costs associated with maintaining foreclosed properties. They are often in need of repair and upgrades to become suitable to live in and insurable. House insurance is necessary to carry most mortgages.

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