WHAT IS A REO ?
REO is an abbreviation for a REAL ESTATE OWNED property- real estate owned property indicates that the property in question has been foreclosed on and has been taken back by the mortgage lender or trustee.
WHAT IS A BPO?
A BPO, or better known as a Broker Price Opinion, is generally used by lenders and mortgage companies to asses the market value properties in situations where they believe the expense and delay of an appraisal is not necessary.
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