Real estate owned

Real estate owned or REO is a term used in the United States to describe a class of property owned by a lender—typically a bank, government agency, or government loan insurer—after an unsuccessful sale at a foreclosure auction. A foreclosing beneficiary will typically set the opening bid at a foreclosure auction for at least the outstanding loan amount. If there are no bidders that are interested, then the beneficiary will legally repossess the property. This is commonly the case when the amount owed on the home is higher than the current market value of this foreclosure property, such as with a high loan-to-value mortgage following a real estate bubble. As soon as the beneficiary repossesses the property it is listed on their books as REO and categorized as an asset (non-performing asset).

Origin

The term REO originates from the term other real estate owned (OREO), which is used on financial statements to classify real estate property owned by a financial institution but which is not directly related to its business. The important distinction underlying OREO is between lenders versus companies for which real estate management is their primary business. Lenders are primarily in the business of making loans with the intent that nearly all of those loans will be repaid in full with interest. Seizing, managing and reselling real property collateral to recover unpaid loan balances is secondary to lenders' primary line of business.

Real estate

Real estate is "property consisting of land and the buildings on it, along with its natural resources such as crops, minerals, or water; immovable property of this nature; an interest vested in this (also) an item of real property; (more generally) buildings or housing in general. Also: the business of real estate; the profession of buying, selling, or renting land, buildings or housing."

It is a legal term used in jurisdictions such as the United States, United Kingdom, Canada, India, Australia, and New Zealand.

Residential real estate

Residential real estate is a type of property, containing either a single family or multifamily structure, that is available for occupation for non-business purposes.

Residences can be classified by, if, and how they are connected to neighbouring residences and land. Different types of housing tenure can be used for the same physical type. For example, connected residents might be owned by a single entity and leased out, or owned separately with an agreement covering the relationship between units and common areas and concerns.

Real estate (Second Life)

Virtual real estate on Second Life, an online world owned and operated by Linden Lab since 2003, is used by residents when they require permanent in-world storage of the content they have created or otherwise own. Both Linden Lab and Second Life's Residents make money from Second Life through the trading and use of virtual real estate.

Land types

Mainland vs. Private Estate Regions

Land on the Second Life grid can either be on the Mainland or on an Estate. Land can be owned either by an individual avatar or by a group. Estate land can be created whenever a user pays the start-up fee. Mainland comes into existence only when Linden Lab's management decides to create some. Linden Lab tends to be cautious about doing so, in order not to drive the price of existing land down too far. New mainland is usually auctioned off to dealers who subdivide it and sell it to other avatars, although Linden Lab does hold on to some Mainland for its own use.

The grid is made of identically sized regions (also called "sims"), each 65,536 m² in size. Each standard sim can support up to 15,000 prims. There is a limit to how many avatars can be on a sim, depending on the sim type. Mainland sims can support a maximum of 40 avatars, full regions can support up to 100 avatars, homestead regions can support up to 20 avatars, and openspace regions can support up to 10 avatars. On private estates, estate managers can set the maximum number of allowed avatars to less than the hard maximum.

Real Estate (band)

Real Estate is an American rock band from Ridgewood, New Jersey, United States, formed in 2009. The band is currently based in Brooklyn, New York, and consists of Martin Courtney, IV (vocals, guitar), Alex Bleeker (bass, vocals), Matt Mondanile (guitar), Jackson Pollis (drums) and Matt Kallman (keyboards).

Biography

Courtney, Mondanile and Bleeker were childhood friends in Ridgewood, New Jersey where they attended Ridgewood High School together. After graduating from Ridgewood High School, they went their separate ways to study in college. Courtney attended The Evergreen State College in Olympia, Washington, Mondanile attended Hampshire College in Amherst, Massachusetts, and Bleeker attended Bennington College in Bennington, Vermont.

In 2008, singer and guitarist Martin Courtney, guitarist Matt Mondanile (Ducktails), bassist Alex Bleeker (of Alex Bleeker and the Freeks), and drummer Etienne Pierre Duguay formed Real Estate in Ridgewood, New Jersey. In 2011 Jackson Pollis replaced Duguay on drums and Jonah Maurer joined the band on keys and guitar. The band is influenced by The Feelies, as Real Estate said to Still in Rock.