REO (Real Estate Owned Home)

Short for "real estate owned," REOs are foreclosed homes owned by banks and lenders. Banks either withhold from releasing these properties on the market because they don't want to take a loss or list them in the Multiple Listing Service (MLS)

REOs are often priced below market value to create bidding wars among buyers. REO properties can still be a great deal, but buyers should know that REOs may need repairs and banks will rarely cover these costs. When looking at purchasing an REO, buyers should get pre-approved with the bank that owns the property and try to put together the "cleanest" offer possible. Clean means few contingencies, a high earnest money deposit and no requests to the bank to pay for closing costs.

In 2009, the banks are dealing with huge numbers of these homes and prefer offers that involve the least hassle. Our agents will present you with all options and will gladly assist you in deciding on the property that is right for you. Contact us at our local Miami Beach office at 305-538-6140 for more information.

What are REOs - Real Estate Owned?

  • Buying an REO is similar to buying a short sale except the property is already owned by the lender.
  • The property was acquired by the lender through a foreclosure action.
  • Often lenders will sell repossessed homes for less than the past loan balance.
  • Bank-owned properties are called REOs, meaning real estate owned by the lender.
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46 results returned
Price: $760,000
Beautiful 2-story family home with newly paved private yard, high ceilings, spacious living area and ...
Listing# A10326788
MLS: SEFL FAR
Bedrooms: 4
Bathrooms: 2
Partial Baths: 1
Square Ft: 2147
Price: $749,900
Listing# A10326721
MLS: SEFL FAR
Bedrooms: 6
Bathrooms: 7
Partial Baths: 1
Price: $607,600
A Four Bedroom, Three and a half bath spacious home in Fox Ridge with an open floor plan featuring t ...
Listing# A10277888
MLS: SEFL FAR
Bedrooms: 4
Bathrooms: 3
Partial Baths: 1
Square Ft: 3399
Price: $604,900
Diamond in the Rough! Come and make this home sparkle. This two story vaulted ceiling 5 bedroom and ...
Listing# A10290380
MLS: SEFL FAR
Bedrooms: 5
Bathrooms: 5
Square Ft: 3361
Price: $584,900
PRICE ADJUSTED FOR IMMEDIATE SALE! Direct INTRACOASTAL access, magnificent WATERFRONT DECK overlook ...
Listing# A10333186
MLS: SEFL FAR
Bedrooms: 3
Bathrooms: 2
Partial Baths: 1
Square Ft: 2370
Price: $551,200
South FL Property with great potential. This 3 bedroom, 2 bath home with plenty of charm in Royal P ...
Listing# A10350124
MLS: SEFL FAR
Bedrooms: 3
Bathrooms: 2
Square Ft: 1965
Price: $539,900
Coral Gables charmer in a fantastic central location welcomes to spacious and open living & dinning ...
Listing# A10306819
MLS: SEFL FAR
Bedrooms: 2
Bathrooms: 2
Square Ft: 1347
Price: $539,900
Listing# A10352746
MLS: SEFL FAR
Bedrooms: 4
Bathrooms: 2
Partial Baths: 1
Square Ft: 2450
Price: $509,900
Trendy Art Deco designed home built in 1925's style of architecture located near Miracle Mile in Cor ...
Listing# A10331442
MLS: SEFL FAR
Bedrooms: 4
Bathrooms: 3
Square Ft: 2118
Price: $499,900
Stunning Ocean views from this elegant studio in the highly sought after Roney Palace condo. The res ...
Listing# A10293679
MLS: SEFL FAR
Bathrooms: 1
Square Ft: 760
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© 2017 Southeast Florida Regional Multiple Listing Service (SEFMLS). The data relating to real estate for sale on this web site comes in part from the participating Associations/MLS's in the Southeast Florida Regional Multiple Listing Service cooperative agreement. The information being provided is for consumers personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Information is deemed reliable but not guaranteed. Data last updated Sunday, October 22nd, 2017.
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