This property is a REO [Bank Owned] : This is the third step of the foreclosure process. 10-20% of all properties progressing to the trustee's sales have no bidders show up. The instant that no bids are made at the sale, the foreclosing beneficiary (lender) becomes the owner. He/she now must keep current any loans senior to his/her loan if there are any. The property is now a REPO or R.E.O. (real estate owned).

Lenders are now getting these properties back regularly. It is very expensive for the lenders to be stuck with these properties! These costs to the lender would be enormous in the event that they chose to list the property with a broker and many months elapse during the clean up, the marketing, and the escrow period. The whole key to buying at this stage is to act quickly by approaching the beneficiary (lender), the same day of the sale, before he turns the property over to a real estate agent for resale. Quick action at this point can save you tens of thousands of dollars.

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