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REO means Real Estate Owned, essentially it is when banks foreclose on properties they have to take back, because mortgage payments haven’t been made. The bank takes back ownership of the property to resell the property in an attempt to recover it’s investment. Banks will use local real estate agents to list and sell the property for the bank.
BPO is short for Brokers Price Opinion and it is the practice of estimating the value of property or real estate. A BPO is usually 2-3 pages long and includes critical information regarding the subject property, competing properties, and comparable sales within the subject properties area by driving by the home. YES, just like a CMA
