After a property in the United States has been auctioned by a county sheriff or other court officer for the unpaid balance of a mortgage, and after the statutory redemption period has ended, the former owner loses all rights and claims to the property. This is known as the post-foreclosure phase.

If a real estate investor was the successful bidder at auction, he or she now can fix up the property, use it as collateral for loans, and even sell it like any other investment property. If the mortgage lender that initiated the foreclosure proceedings was the successful (or sole) bidder at auction, the property belongs to the lender.

Real Estate Owned (REO)

When a lender obtains title to real estate that had served as collateral for a mortgage loan, the property is designated real estate owned (REO) on the lender’s books. The lender considers REOs to be nonperforming assets, in other words, assets that accrue or return no interest or other income.

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