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What’s the Difference Between a Foreclosure, Short Sale, and REO?

4/19/2011

3 Comments

 
“A short sale occurs when the lender agrees to take less than the full loan payoff of an owner’s property. The homeowner is most likely behind on payments and owing more than the home is worth.


Foreclosure is where the bank takes possession of the property because of non-payment for a long period of time or an unapproved short sale.


An REO is a bank-owned property (“real-estate owned”), when homes go into foreclosure they are sold at a trustee sale, if no one purchases it at the trustee sale, they become REO properties. Later they are often listed by Realtors hired by the bank.”

3 Comments
immobilienmakler münchen link
8/28/2012 11:03:59 pm

Nice comparison among these three terms. You have explained them very well.

Reply
Foreclosures in Miami link
9/11/2012 11:33:16 pm

You always provide exact information about topic and easily elaborate the topic.

Reply
website link
2/27/2014 06:48:32 pm

Thank you so much for explaining it a little bit more. Now I have a little understanding on it.

Reply



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  • Home
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    • How Much is your Home Worth?
    • Before you Sell
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    • Lower your Property Taxes
  • Buyers
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    • Distressed Properties
  • Short Sale
    • HARP 2.0
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