REO stands for Real Estate Owned or in other words a bank has fore closed on the home and they now own it. These homes can be an excellent way to save big money when purchasing a home. Banks try to recoup some of their lost money (often times in a quick sale). Banks don’t want to own homes so these homes typicality are listed for sale at or below market value.

These quick sales can be nice, no months of waiting around for a response like a short sale. Most banks can give you an answer within 48 hours and the sale can usually close in one month, sometimes less.  

If you are a first time buyer and would like to take advantage of the First Time Buyer tax credit you have to act fast it expires in October 2009. An REO or bank owned home may be the only way you will still be able to take advantage of the credit.

 I have a list of REO or Bank owned homes that are located up and down the Wasatch front and are available from $40,000 to 1 million in price range. If you are interested in purchasing a home contact me and I will be happy to help you find one that will work for you.