Not really getting this REO thing (who is the owner?)
Hi
I use propertyradar to look for REO properties but am not really sure what to make of them.
Let me explain with a random example. Here is the Redfin link. This property went into foreclosure in 2013. No one bid on it at the action so it went to the bank. What I am wondering now is, why is there an LLC listed as owner and not the bank (often I see individuals as owners)? And even more confusing in this case, why did this LLC get a cash out loan on this very same property in 2015? How is this possible if that property should belong to the bank?
https://www.redfin.com/CA/Oakland/967-30th-St-94608/home/1305666
I think I am completely misunderstanding something here and would highly appreciate some clarifications.
Simon