What’s the Difference Between a REO Property and a Foreclosure Property?

We know there are a lot of questions about real estate, and we’re tackling them head on with our 360 Realty FAQ series. We have videos on our Facebook page, and will also share information here in our monthly newsletters. This month, we’re tackling REOs and Foreclosures. What’s the difference?

The difference essentially lies in ownership.  In an REO, the property has already gone through the foreclosure process. The lender or investor is now the owner.

If a property is in foreclosure, the procedure has begun but the original seller is still the owner property and not the lender.