What is an REO condo?

REO, or Real Estate Owned, Condos are properties that have been foreclosed and are now in the possession of the lender.  These condos are listed with Realtors and marketed just like any other property.  Anyone can make an offer, but you need to have your own funds or financing lined up.  Don't assume that because a bank is selling the condo that they're willing to finance it for you.  When you are negotiating to buy an REO condo, you and your agent will be submitting offers to the bank for approval.  The nice thing about buying an REO condo is that there is no emotion involved  - the bank has a number they need to recover in order to sell and if you come close to it you'll probably go to contract. 

St Louis Foreclosure Listings

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