Here is the definition set by Wikipedia:

“Real estate owned or REO is a class of property owned by a lender—typically a bank, government agency, or government loan insurer—after an unsuccessful sale at a foreclosure auction. A foreclosing beneficiary will typically set the opening bid at a foreclosure auction for at least the outstanding loan amount. If there are no bidders that are interested, then the beneficiary will legally repossess the property. This is commonly the case when the amount owed on the home is higher than the current market value of this foreclosure property, such as with a high loan-to-value mortgage following a real estate bubble. As soon as the beneficiary repossesses the property it is listed on their books as REO and categorized as an asset (non-performing asset)”

A Bank Owned Listing then is, in simple terms, when the bank takes the property back via a foreclosure action and then attempts to resale the property often on the open market. I have extensive experience in selling these types of homes. If you are interested in purchasing a bank owned house or property please call me so I can educate you on the process and assist you in acquiring one before they are all gone!

My cell phone is 925.383.5590, Thank you Anthony Pgati ~broker

Give me a call and I will take you on a personal tour on the New Homes In the Brentwood area. Let me do all the negoatiating between you and the builder and save you time and money. I have good relationships with these builders which allows me to represent you on a new purchase, I do need to bring you there and introduce you to the development for the first time. Call me to set your time up today….Cell 925.383.5590 Anthony Pigati

About the New Homes @ Penrose in Brentwood:

Situated between the lush delta countryside and the beautiful San Francisco Bay Area, the elegant new community of Penrose at Barrington brings the best of Northern California comfortably within reach. Located in the city of Brentwood, Penrose sits within view of the magnificent Mt. Diablo and among fifty plus gorgeous parks as well as three golf courses, over 16 miles of beautiful trails, hundreds of acres of vineyards and endless recreational opportunities. At roughly an hour from major bay area destinations like San Francisco and the Silicon Valley, Penrose combines the serenity of home with the convenient access to the metropolitan Bay Area.

http://talktocj.com/wp-content/uploads/2011/10/SSdeficiencyFAQ.pdf

http://pigati.com/listings/0,77182/1600_Mission_Drive_Antioch_CA_94509/

http://pigati.com/listings/0,76794/2013_Sand_Point_Road_Discovery_Bay_CA_94514/