A real estate owned (REO) property is one that has gone through the foreclosure process and is now in possession of the bank or lender. A property at this stage has usually had no success at an auction and then returns on the market as a bank-owned property. The process of purchasing a REO property is typically much quicker and easier than purchasing a short sale property.

A short sale occurs when a lender agrees to take less than the amount that is owed on a property. It often occurs when the borrower cannot afford to pay the mortgage loan on the property and the lender decides that selling the property at a moderate loss is better than going through the foreclosure process. A successful short sale includes the lender forgiving any remaining loan balance, clearing you from any future contractual obligations to the lender.

A short sale is often not a “short” process and it can take up to months to get a response from the bank or lender.   We can assist you with negotiating the short sale with the bank and coordinating the efforts of buying or selling a REO property.

Sale of any of these listed properties will be subject to bank approval. Any offer may be subject to additional terms during the submittal of the request.  For complete details about any specific property or to discuss a strategy for having an offer accepted, please contact us.