REO Resources

REO RESOURCES

When homes in foreclosure fail to sell at auction, lenders repossess them, and they become what's known in the industry as REOs, for "real-estate owned." Lenders hope to sell them for as close to market value as possible, but they may begin to discount prices if the market worsens.

There's no single clearinghouse where lenders advertise the homes they've got available, and even agents listing REO's don't always advertise them as such. Here are places to learn more about REO properties:

Countrywide, one of the nation's largest mortgage lenders and servicers, lists properties it is selling at www.countrywide.com/purchase/f_reo.asp

ForeclosureRadar, www.foreclosureradar.com

Foreclosures.com, www.foreclosures.com

Hudson & Marshall, auctioneer, www.hudsonandmarshall.com

Kennedy Wilson, auctioneer, www.kwiauctions.com

Premier Asset Services, handles Wells Fargo's REO properties, shown at www.pasreo.com.

Real Estate Disposition Corp., auctioneer, www.ushomeauction.com.

RealtyTrac, www.realtytrac.com