If you are searching for a home at a low price or for investment purpose, then real estate owned property can be a good option. Real estate owned property or more popularly known as REO property is the home and property already owned by the lender. Lender acquires the properties through a failed foreclosure procedure. When the bids made at a public auction is not enough to cover the money owed against the property, in such case the bank ends up possessing that property. REOs are divided in to two kinds, program properties and non program properties. A program property is qualified for financing when it is reasonably repaired or is qualified under the 502 programs. A non program property is that one which cannot be reasonably repaired to make it eligible for financing under the sections of 502 regulations. Banks generally don’t like to show such properties in their books and try to liquidate them as soon as possible. Real estate owned property is sold by banks through realtors. IF INTERESTED IN BANK OWNED PROPERTIES ( reo) PLEASE CALL 954 288 6180