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What is the REO in REO Speedwagon stand for?
First introduced in 1915, production continued through at least 1953, and made REO (the initials of its founder, Ransom Eli Olds) one of the better-known manufacturers of commercial vehicles in America prior to World War II.
Why is it called REO?
REO Stands For Ransom Eli Olds, The Founder Of The Company. The REO in the name of both the vehicle and the band stands for Ransom Eli Olds, who was a pioneer in the early days of the American automotive industry.
How does an REO sale work?
If the lender that took possession of the home can’t sell the property at an auction, then the lender takes over ownership of the home. The lender then tries to sell the real estate owned property as quickly as possible. At that point, it becomes an REO property that often stays on the lender’s books for a while.
What does REO means for real estate?
real estate owned
A typical real estate owned listing has failed to sell during the foreclosure process and is now owned by a mortgage lender, bank or the mortgage investor. Buying an REO property is done through an REO agent or an auction platform. Properties are sold “as-is” and often discounted to sell as quickly as possible.
What kind of car is a REO?
Olds was an entrepreneur who founded multiple companies in the automobile industry. In 1897 Olds founded Oldsmobile. In 1905 Olds left Oldsmobile and established a new company, REO Motor Car Company, in Lansing, Michigan….REO Motor Car Company.
| Industry | Automotive |
|---|---|
| Founded | 1905 |
| Founder | Ransom E. Olds |
| Defunct | 1967 |
What car is a REO?
When did Reo trucks go out of business?
1967
In 1967, Diamond T and Reo Trucks were combined to form the Diamond Reo Trucks Division of the White Motor Corporation. Reo dated back to 1904 when Ransom E….Diamond Reo Trucks.
| Industry | Automotive |
|---|---|
| Founded | 1967 |
| Defunct | 2013 |
| Headquarters | Lansing, Michigan |
| Products | Trucks |
Is a REO the same as a foreclosure?
There’s one key difference between a house that’s in foreclosure and a house listed as “real estate owned,” or REO. A home in foreclosure is being taken back by the mortgage lender; an REO home has already been taken back, but the lender hasn’t been able to sell it.
What is reverse REO?
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