"REOs" refer to properties that were taken over by a bank because the former owner defaulted on their payments. REO stands for "Real Estate Owned." After the bank forecloses, and no one bids on the house during the courthouse foreclosure auction, the bank eventually lists the property for sale with a real estate broker and it comes on the market more/less like any other traditional listing.
Click below to search for REOs in a particular city. You can also register to receive REO updates in your email.
REO/Bank-Owned Properties in Berkeley
REO/Bank-Owned Properties in El Cerrito
REO/Bank-Owned Properties in Oakland
REO/Bank-Owned Properties in Richmond