What does reo stand for

Is REO Speedwagon still together? What was REO Speedwagon's biggest hit? Top 10 REO Speedwagon songs 8. Keep the Fire Burning 7. Ridin the Storm Out 6. Follow the changes 5. It's time for me to fly 4. In My Dreams 3. Take on the race 2. REO Speedwagon originally called R. Speedwagon are an American rock band from Champaign, Illinois.

REO management companies typically manage:. If the property is occupied, the servicer or REO management company might offer a cash-for-keys deal to induce the tenant or foreclosed homeowner to vacate the home before completing an eviction. Also, some states have adopted additional notice requirements and more protections for tenants occupying foreclosed properties. Once the property is vacant, the servicer or REO management company will develop a marketing strategy for selling the property.

Based on an appraisal or a broker's price opinion, the potential sales price is set. Usually, banks prefer to sell a property in "as is" condition. If you make an offer to buy an REO property, it might need to be reviewed and approved by several individuals, like the asset manager and other management, before it's approved. Plus, you might get a counteroffer. Once your offer is accepted, the servicer or the REO management company will oversee the closing, receipt of proceeds, and title transfer.

To learn more about buying a house, see Nolo's Buying Foreclosed Properties area. The information provided on this site is not legal advice, does not constitute a lawyer referral service, and no attorney-client or confidential relationship is or will be formed by use of the site.

The attorney listings on this site are paid attorney advertising. In some states, the information on this website may be considered a lawyer referral service. Please reference the Terms of Use and the Supplemental Terms for specific information related to your state. Grow Your Legal Practice. Meet the Editors. Vacant REO homes are a profit drain on bank owners, resulting in an urgency for sales. When a buyer makes an offer to purchase a REO home, it can seem less personal and less emotional than a transaction with a traditional homeowner-seller.

In an REO home offer, the bank representative simply considers the bank's bottom line and generally makes a fast decision, which can result in a smooth and quick closing. Banks typically sell REO properties "as-is. A buyer may offer less or request the bank make a repair in the instance of major home systems such as electrical, plumbing and mechanics, and the bank may agree to facilitate a sale. Tricia Chaves began her writing career after working in advertising and promotions for entertainment publisher "The New Times.

She was certified as a life and weight-loss coach and master practitioner of neuro-linguistic programming in By Tricia Chaves. Related Articles.