Does REO Properties = No Liens on the Property?

[Susan Carman]

Hello BP Peeps,

Can someone please clarify, if REO Properties mean the bank has removed all Liens and/or money due on the property?

Or does it simply mean the property did not sell at auction and the bank still owns the property liens and all?

What's the advantage? 

what's the disadvantage?

Thank you BP Peeps, 

Looking forward to hearing back, 

S