Bank owned properties, aka real estate owned or REO, are those that have been taken over by lenders due to problems paying the mortgage. These properties may be sold at bargain prices to move quickly.
Chicago also led the nation in the number of REOs, with 305 properties repossessed by lenders, reflecting broader challenges in the Midwest. New York, Houston, Detroit, and Dallas also saw significant ...
Those who buy repossessed homes at auction could still find themselves liable for certain unpaid municipal charges linked to the property.
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