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SHORT SALE:  A short sale is a sale of real estate in which the proceeds from the sale fall short of the balance owed on a loan secured by the property sold. Several variables and patience, patience and more patience are the keys to navigating through a short sale.  No two are the same. 

With a short sale, you MUST be a patient person, as timelines are precarious and oftentimes not known for weeks.  What you see isn't always what you get; appliances, fixtures and even hot water heaters may be missing when you close; and sellers or tenants may refuse to vacant once the property is yours, thus requiring an attorney's expertise.  Again, Patience is a MUST when persuing a short sale.

FORECLOSURE:  A situation in which a homeowner is unable to make principal and/or interest payments on his or her mortgage, so the lender, be it a bank or building society, can seize and sell the property as stipulated in the terms of the mortgage contract.  When the house cannot be sold during the pre-foreclosure time frame the property will get auctioned off for sale, in our area, this is at the courthouse steps (or gazebo).

BANK OWNED PROPERTIES (REO): Another name for bank owned properties is REO, an acronym for “real estate owned.” This refers to property that has come into the possession of a bank or lender, usually through the foreclosure process. Most lenders and banks are not in the business of managing and holding real estate and want to move the property as quickly as possible. Many banks turn their REO properties over to large asset management companies for disposition. Usually these properties are then listed with Realtors.  The plus to these properties is the PRICE, typically bank owned are LESS than the comps.  The downside can be multiple offers, no repairs (properties are AS IS), and condition.  Many of the bank owned can be dirty and need repairs.

Navigating through these three types of properties is not for the faint hearted!  Be sure you have EXPERIENCED agents on your side who know the processes and how to get your offer accepted!  We specialize in distressed properties and can help you, your friends and family move through the process.  Short sales aren't for every buyer, once you are approved by a lender we can determine if a short sale or bank owned is right for you.