• Welcome to AppraisersForum.com, the premier online  community for the discussion of real estate appraisal. Register a free account to be able to post and unlock additional forums and features.

Quick question.

Status
Not open for further replies.

RemelD

Thread Starter
Freshman Member
Joined
Nov 23, 2007
Professional Status
Real Estate Agent or Broker
State
Illinois
Hello all,

I am fairly new to this forum and this is my first post on the "big boards" (i.e. any board outside the Illinois state forum). I have a quick question, but first let me introduce myself.

My name is Remel Duncan. I am not an appraiser yet, but I am working on it. I completed my QE in December and I'm now waiting for the new exam to be available in Illinois. I truly appreciate this forum and the opportunity to learn more about the industry from those already practicing.

I've been perusing the boards for quite a while and I've been able to interpret most of the acronyms used with the exception of REO. I suspect that it refers to foreclosed or distressed property but I’d like to know exactly what it stands for.

Before anyone feels compelled to ask how I could be a broker without knowing this… let me explain. When I bought my first investment property, I didn’t like the feeling of being the only person at the closing table who didn’t know EXACTLY what was going on – especially when it is MY money involved. So I signed up for real estate courses and later found that I qualified to sit for the broker’s exam rather than the salesperson exam. I’ve never practiced because sales is just not my thing. Nevertheless, I maintain the license in case I will ever need to make sales my thing. :)

Thanks in advance for your help.
 

Tom Woolford

Elite Member
Gold Supporting Member
Joined
Nov 20, 2005
Professional Status
Certified Residential Appraiser
State
Florida
REO = Real Estate Owned = Forclosure
 

Marcia Langley

Senior Member
Joined
Aug 26, 2005
Professional Status
Certified Residential Appraiser
State
Missouri
Remel,

Real Estate Owned means real estate owned by the bank.
 

RemelD

Thread Starter
Freshman Member
Joined
Nov 23, 2007
Professional Status
Real Estate Agent or Broker
State
Illinois
Got it! Thank you both for your help!
 

Don Clark

Elite Member
Joined
Jan 17, 2002
Professional Status
Certified Residential Appraiser
State
Virginia
Got it! Thank you both for your help!


Other similar acronyms that mean the same thing:

OREO=Other Real Estate Owned (Some banks use this)
Liquidation=Pre-Foreclosure
 

RemelD

Thread Starter
Freshman Member
Joined
Nov 23, 2007
Professional Status
Real Estate Agent or Broker
State
Illinois
Thanks, Don. I appreciate you taking the time.
 
Status
Not open for further replies.
Find a Real Estate Appraiser - Enter Zip Code

Copyright © 2000-, AppraisersForum.com, All Rights Reserved
AppraisersForum.com is proudly hosted by the folks at
AppraiserSites.com
Top

AdBlock Detected

We get it, advertisements are annoying!

Sure, ad-blocking software does a great job at blocking ads, but it also blocks useful features of our website. For the best site experience please disable your AdBlocker.

I've Disabled AdBlock
No Thanks