Bank owned properties may also be referred to as Illinois REO properties. REO stands for “real estate owned” and is used to refer to these properties because they are real estate owned by the bank.

Bank owned homes or REOs for sale in Illinois are usually marketed by the bank or lender that owns the property. Although some banks may work with real estate agents or other professionals to sell these properties. Most banks have an REO division dedicated to working out deals with IL buyers like you.

RealtyTrac’s listings of real estate owned in IL are the most up - to - date in the country and include as much information as possible about these properties.Use the filter function to focus on your target market and review all available information before contacting the bank and making an offer.