Real Estate Owned (REO) (REO)
Banking
The ownership of collateral property by the lender - usually a bank - after an unsuccessful sale at a foreclosure auction. This is common when the property up for sale at an auction is worth less than the total amount owed to the bank (including the outstanding loan amount, accrued interest, and any fees associated with the foreclosure sale).
- — Corporate System Resolution Costs Glossary retrieved 2014-05-27