As the real estate bubble bursts all across the country many homeowners are facing foreclosure and eviction for non-payment of their mortgages. Right here in Vernon County it has become a little more common to see REO properties coming on the market. For those of you who do not know what REO is, it is a Mortgaged property acquired by a servicer on behalf of the mortgagee, through foreclosure or Deed in Lieu of Foreclosure. In other words it is a repossessed property that is now offered again for sale by the lender or bank. Usually the agent who get the assignment has to manage the property and get it in shape to re-sell. Sometimes the prior owner leaves these homes in awful condition. One of the worst cases was recently features on CNN.
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