Real Estate Owned Property is defined as a piece of property that is owned by a lender, typically a bank, or a government entity, like an insurer of loans or outside agency. This specific entity has taken control of the property because of failed payments, or because the property has been in financial distress for some time.
You will typically see a lot of squatters sit on Real Estate Owned Property, forcing the government to get involved to try and get those people out of a location as soon as they can.
If you want to learn more about Real Estate Owned Property, Wikipedia is a great place to go, or search on Google for ‘REO Property definition’.
In the Denver area, there are many Real Estate Owned Properties, and you can always contact me to find out more about getting into a REO property of your own.