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Looking for a great deal on Real Estate?
Contact me for a complimentary list of Bank Owned or Short Sale Properties in your area.
Definitions:
Bank Owned Property (or R.E.O. - Real Estate Owned)
Property owned by a lender - usually a bank - after an unsuccessful sale at a foreclosure auction. This is common because most of the properties up for sale at these auctions are worth less than the total amount owed to the bank: the minimum bid in most foreclosure auctions equal the outstanding loan amount, the accrued interest and any fees associated with the foreclosure sale.
Bank owned property is generally easier and faster to purchase than a short sale.
Short Sale
A real estate short sale is when a homeowner (or third party) negotiates a discount on the payoff amount due to the mortgage company. This happens when a homeowner owes more money to banks and/or lien holders than what the property can currently sell for. In order to sell a property that is "upside down", the bank must agree to accept less than what is currently owed on the property.
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