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Bank Owned (REO)

What is Bank Owned (REO)?

Bank Owned (REO) properties are homes that didn’t sell at foreclosure auction and reverted to the lender. Most are listed on the MLS by REO brokers, while smaller banks may sell directly through REO managers. These properties are rarely “priced to move” at first, but opportunities emerge when listings sit unsold or properties are heavily distressed.

The Right Audience

Properties in the Bank Owned stage, especially those listed for 60–90+ days. Investors can target REOs through MLS and REO brokers, or by directly contacting small bank REO managers. Persistence and relationships increase the odds of accessing overlooked deals.
FCL Stage: Bank Owned Listing DOM: 60+ Type: Single Family, Condominium

See How Many Bank Owned (REO) Are in Your Market

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The Right Message

Position yourself as the buyer banks need—ready to take unwanted assets off their books. Focus on REOs that are overpriced, distressed, or stale on the market. When contacting smaller banks, establish credibility and professionalism to secure direct opportunities.

Key Themes

Take unwanted REOs off the bank’s books
Look for properties sitting 60–90+ days
Distressed homes banks don’t want to fix

Calls to Action

Search for REOs that have sat on the market 90+ days
Make your best offer before the bank lowers the price again
Call today to identify REO managers at local banks

Browse Bank Owned (REO) Templates in our Marketplace

Example Templates

Outreach Channels

For listed REOs|work directly with REO brokers and make offers through MLS. For small banks|identify and contact REO managers using resources like Lane Guide or direct outreach. This play depends more on persistence and relationships than broad marketing.

Recommended

AREO Brokers / MLS Offers

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Direct Outreach to REO Managers

Measuring Success

Track accepted offers vs. submitted bids on REO properties. Success is more likely with listings that have sat on the market or heavily distressed homes banks are eager to offload. For direct bank outreach, measure connections made with REO managers and deals sourced through those relationships.