COVID19 UPDATE
Hawaii

Short-Sale, Foreclosure, REO…What Does It All Mean?

You see these terms on for sale signs, real estate ads, on the internet, and even in your own neighborhood. Have you ever wondered what it all means?

Hopefully this is your exit sign to owning a new home, not losing one

Here are some quick definitions of each:

Short Sale – This is when a property is being listed for sale for less than what the balance is owed. This buying process is longer and all parties should have a lot of patience.

Foreclosure – Is the process that allows the lien holder to recover the amount owned by taking the property ownership back. This timeline varies from state to state, lender to lender. Once the foreclosure occurs the intent is usually to re-sell the property to recover the unpaid loan amount.

REO – Means Real Estate Owned, or bank-owned. Buying an REO property can be a great value!

Contact me for more information.

Tara Kelly, RS
808.542.6014
tara@hawaiilife.com

Comments (2) Show CommentsHide Comments (Remember)

Cool. Add your comment...

Your email address will not be published. Required fields are marked *

Leave your opinion here. Please be nice. Your Email address will be kept private, this form is secure and we never spam you.

Ken Molina, RS

June 22, 2010

Good blog. We sometimes think everyone know the lingo.

Ken Molina, RS

June 22, 2010

Good blog. We sometimes think everyone know the lingo.

More Articles from Hawaii Life