Newbie!! Foreclosure and REO

[China Sistrunk]

If a home has been foreclosed by the bank, is that considered a REO property? Will the property be sold at property value?

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Originally posted by @China Sistrunk:

If a home has been foreclosed by the bank, is that considered a REO property? Will the property be sold at property value?

Yes, it is now considered to be REO. The bank will put the property on the market through the MLS with an agent. My take is that a property value is what someone is willing to pay for it. So, yes it will be listed. But you can always offer less.