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