Are Foreclosures a Buy?
WHAT IS A SHORT SALE ?
A short sale is a property that is for sale by the owner. The owner
is asking his lender to forgive debt. The property has lost value in
todays real estate market and is no longer worth what the owner has
paid. Short sales are sometimes difficult, banks must decide the
actual value of the home in todays market, that takes time. Patience
is necessary and flexibility with pricing also may come into play.
Prices that are listed in the MLS are not necessarily the price the
bank is willing to take. To make an offer on a short sale it is
necessary to have a letter from your lender stating you are
qualified for a mortgage or you have cash.
WHAT IS A REO ?
REO is short for Real Estate Owned By The Bank. REO properties have
already gone thru the foreclosure process, the bank has title to
the property. REO's are much easier to deal with, price has been
determined by the bank and the property will be sold for the price
offered in the MLS. In all cases it is wise to use a qualified real
estate professional that has experience in Short Sales or REO
properties. I would also recommend a good attorney to over look the
whole transaction.
A short sale is a property that is for sale by the owner. The owner
is asking his lender to forgive debt. The property has lost value in
todays real estate market and is no longer worth what the owner has
paid. Short sales are sometimes difficult, banks must decide the
actual value of the home in todays market, that takes time. Patience
is necessary and flexibility with pricing also may come into play.
Prices that are listed in the MLS are not necessarily the price the
bank is willing to take. To make an offer on a short sale it is
necessary to have a letter from your lender stating you are
qualified for a mortgage or you have cash.
WHAT IS A REO ?
REO is short for Real Estate Owned By The Bank. REO properties have
already gone thru the foreclosure process, the bank has title to
the property. REO's are much easier to deal with, price has been
determined by the bank and the property will be sold for the price
offered in the MLS. In all cases it is wise to use a qualified real
estate professional that has experience in Short Sales or REO
properties. I would also recommend a good attorney to over look the
whole transaction.
