Not really getting this REO thing (who is the owner?)

[Simon Stahl]

Hi

I use propertyradar to look for REO properties but am not really sure what to make of them.

Let me explain with a random example. Here is the Redfin link. This property went into foreclosure in 2013. No one bid on it at the action so it went to the bank. What I am wondering now is, why is there an LLC listed as owner and not the bank (often I see individuals as owners)? And even more confusing in this case, why did this LLC get a cash out loan on this very same property in 2015? How is this possible if that property should belong to the bank?

https://www.redfin.com/CA/Oakland/967-30th-St-94608/home/1305666

I think I am completely misunderstanding something here and would highly appreciate some clarifications.

Simon

[Simon Stahl]

Thanks for clarifying @Sean OToole. I actually reported a different property to your support team and that one did get corrected right away, so don't be too harsh on them :-) 

I realize that mining through this kind of data must be pretty hard. I now just check the owner real quick and see if it is a bank or not. That should work fine for me.