REO is a real estate owned property. The term REO vaguely portrays a particular kind of property. However, in real estate, the REO property shows that the property been seized and foreclosed by the mortgage money lender or trustee.
REO and foreclosed property is not exactly the same thing. In any case, an REO is just a consequence of an unproductive foreclosure, where a buyer for the property not found. Thus, the bank repossesses the property to sell independently.

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