REO stands for Real Estate Owned and it is referring to homes or condos that have been foreclosed on by the bank but that were never sold off at auction. So, these homes are owned by the Banks.
Often, you can get a great deal on an REO property because the banks generally want to get the real estate "off their books" but they are almost always sold 'as is' so as a Buyer you want to make sure you are willing to take that risk.
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