SHORT SALES, REO'S AND FORECLOSURES
A Short Sale is defined as a transaction where title transfers; where the sale price is insufficient to pay the total of all liens and costs of sale; and where the seller does not bring sufficient liquid assets to the closing to cure all deficiencies.
REOs are properties that don't sell to bidders at foreclosure auctions and are taken back by lenders. Because lenders don't manage real estate, they will often try and sell their REOs quickly to interested homebuyers or investors – sometimes 30-50 percent below market value!
A Foreclosure is the legal process by which a borrower in default under a mortgage is deprived of his or her interest in the mortgaged property. This usually involves a forced sale of the property at public auction with the proceeds of the sale being applied to the mortgage debt.
Click on this link for a full description for Short Sales, REO's and Foreclosures.
Click on this link for a timeline for Short Sales, REO's and Foreclosures.
Click on this link for Short Sale Resources.
