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terminology ignorance

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Rick Hess

Thread Starter
Sophomore Member
Joined
Feb 6, 2002
OK, I see these all the time, now I need to know. What does OREA and REO stand for?? Lots of other ??? will come, as soon as I get smart enough to know what questions to ask. 8O

Brick






Just another Brick in the wall.
 

aprazer

Junior Member
Joined
Feb 27, 2002
Professional Status
Certified Residential Appraiser
State
New York
Both refer to properties owned by lenders. Usually acquired by foreclosure.

REO=Real estate owned.

I believe OREA is owned real estate asset.
 

Lee in L.A.

Elite Member
Joined
Jan 24, 2002
Professional Status
Certified Residential Appraiser
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In California at least, OREA stands for Office of Real Estate Appraisers. The state office that deals with licensing etc.
 

David S. Roberson

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Joined
Jan 16, 2002
Professional Status
Certified Residential Appraiser
State
Tennessee
Brick;

For appraisers, REO also means extra work (interior photos, listings on a grid, cost to cure deferred maintenance, and usually 4 values- as is with typical marketing period, as repaired with typical marketing period, as is with limited marketing period, and as repaired with limited marketing period.) Usually twice the time to complete, therefore twice the fee as a typical URAR.
 
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