REO Y/N or UNKN in the MLS listing input field means:
a) There is a Mortgage on the property
b) This is a Relocation property
c) A bank and or lender is the owner of the property
d) All the above
Let’s build some suspense in getting the answer.
Did you know you can learn about what REO Y/N means in MLXchange when adding a listing by simply clicking on the question mark that is next to the open field and reading the definition.
Don’t do this now because it would be cheating in our Game On! fun, but do it any time you need a refresher when you are adding a listing.
Ok, ok, the suspense is KILLING ME…what’s the answer?
If you answered C, you are correct. REO property is a class of property owned by a lender, typically a bank, government agency or government loan insurer. REO does not mean that there is a mortgage on the property.