REO stands for Real Estate Owned. When borrowers default on their monthly mortgage payments, they are usually subjected to foreclosure proceedings. If a property fails to sell for any reason at a foreclosure auction, the lender or the bank who holds the mortgage note will end up with its possession. Such repossessed (repo) residential properties under the control of banks are commonly referred as REO.
Generally, REO properties are either individually listed with local real estate agents or sold off in bulk packages. Banks may handle this process internally or may outsource them to REO Asset Management Companies to manage all related aspects. Real estate investors and new home buyers eagerly seek these bank owned REO property listings as these properties are usually priced well below their market value. We have compiled a comprehensive list of Bank REO websites that show their inventory of repossessed residential homes.
- 21st Mortgage Corporation is a full service wholesale lender specializing exclusively in manufactured home loans. They offer mobile/manufactured homes for sale, with or without land. For more information related to 21st mortgage manufactured home reo listings, visit their site.
- American Home Mortgage Servicing Inc. (AHMSI) is one of the largest servicers of residential mortgage loans. A complete list of AHMSI reo properties along with the information of the listing agent can be found on their website.
- Bank of America is one of the largest banks in US. It has thousands of foreclosed and repossessed REO home listings in every state in the country. As Countrywide Mortgage merged with Bank of America, you can also find their inventory among Bank of America REO properties too.
- BB&T (Branch Bank and Trust) is a financial holding company with community banking subsidiaries who operate 1,800 financial centers in the North Carolina, South Carolina, Virginia, West Virginia, Kentucky, Georgia, Tennessee, Maryland, Florida, Alabama, Indiana, Texas and Washington, D.C. You can find an affordable home from BB&T REO homes.
- BBVA Compass is the 15th largest U.S. commercial bank that operates more than 720 branches throughout Texas, Alabama, Arizona, California, Florida, Colorado and New Mexico. A number of commercial and residential REO properties repossessed by BBVA Compass bank can be found on their website.
- Chase (JP Morgan Chase) Bank is among the largest banks in the world. Real Estate investors should be able to find a right investment opportunity in their own vicinity among the huge inventory of Chase REO Properties. Since both Washington Mutual and Bear Stearns got acquired by JP Morgan Chase during the great recession, their bank REO properties may also be found here.
- CitiMortgage, a division of CitiBank has REO homes listed for sale in all 50 states. Their rather large inventory of REO homes provide a better chance of finding a great foreclosed property at a great price.
- Coldwell Banker is the nation’s largest real estate brokerage firm. Their REOExperts LLC division is one of the largest REO service providers in the country. 1000s of Coldwell Banker managed REO homes are available for sale.
Coldwell Banker REO Division
- Deutsche Bank is a big international bank with diverse lending operations in America. There isn’t an official REO website that lists their properties. Their REO management department can be contacted at this address: Deutsche Bank, 1761 East St Andrew Place, Santa Ana, CA 92705. Tel: (714) 247 6000 | Fax: (714) 247 6022
- EMC Mortgage Corporation, a subsidiary of JP Morgan Chase, is a mortgage banking company that specializes in the servicing of residential mortgage loans. All EMC managed Mortgage REO listings are available as a PDF document that spans about 100 pages on their website.
- Fannie Mae is the largest of the Government Sponsored Enterprises involved in creating liquidity for residential mortgage loans. When foreclosures occur on residential mortgages in which Fannie Mae is the investor, they end up as Fannie Mae REO homes offered for sale through their “Home Path” brand.
- FDIC (Federal Deposit Insurance Corporation) is a federal agency which insurances deposits at commercial banks and thrift institutions. The following three links can be used to find REO listings from the failed banks siezed by FDIC.
- Freddie Mac is another GSE that was created to facilitate liquidity in the secondary mortgage market. Thousands of Freddie Mac REO homes all over the country are available for sale through its network of real estate agents.
- Fifth Third Bank operates in Ohio, Florida, Georgia, Illinois, Indiana, Kentucky, Michigan, Missouri, North Carolina, Pennsylvania, Tennessee and West Virginia. A investor interested in buying a fifth third bank reo home can visit their website, which also provides all their properties for sale as an excel file that can be downloaded.
- GMAC Mortgage is an indirect wholly owned subsidiary of GMAC LLC, one of the largest financial services companies in the world. https://www.gmacmortgage.com/reo/search/index.htm
- Home Loan Investment Bank has only limited REO homes listed for sale on its website.
- HSBC is one of the largest banking institutions in the world. HSBC REO properties can only be filtered by state, with no other parameters for searching their listings.
- HUD (Housing & Urban Development), VA (Veteran’s Administration) and USDA insure loans according to their specific guidelines. The properties of these three departments that ended up getting repossessed due to foreclosure proceedings are listed together at http://homesales.gov. Just HUD REO listings can be found at this site: http://hudhomestore.com/HudHome/Index.aspx
- M&T (Manufacturers and Traders Trust Company) Bank has banking operations in New York, Maryland, Pennsylvania, Virginia, Washington, D.C., West Virginia, Delaware and New Jersey. For M&T Bank REO listings in these states, visit their REO specific website.
- Ocwen Financial is one of the largest companies that specializes in handling default and REO management services. A number of Ocwen’s REO listings can be found on their new website.
- OneWest Bank is the new avatar of the failed IndyMac Bank. All Onewest Bank or Indymac bank reo listings can be found at this site:
- PNC Bank also acquired National City Bank during the credit crisis. Both PNC REO homes and National City REO listings can be found on the same website.
- People’s United Bank has a variety of bank-owned property for sale across Connecticut at very affordable prices. All negotiations on listed properties will be handled through the listing broker.
- Regions Bank owns a variety of commercial and residential REO properties that are offered for sale through it’s website.
- SunTrust Bank’s Mortgage division lists its inventory of repossessed residential homes through the RES.net.
- Taylor Bean REO is a division of Taylor, Bean & Whitaker Mortgage Corp. that specializes in the listing, sale and management of lender-owned properties throughout the United States.
- US Bank acquires a number of REPO properties through home mortgage foreclosure from defaulting borrowers. All US Bank REO homes in the states where they have banking operations, can be found at the following URL:
- Wachovia Bank became a subsidiary of Wells Fargo after its acquisition. Before the credit crisis compelled Wachovia, they had Golden West Financial.
- Wells Fargo Bank REO listings contain repo homes in all fifty states. Wachovia and Golden West Financial were acquired by Wells Fargo.