Bank REO's

An REO (Real Estate Owned) is a property that goes back to the mortgage company after an unsuccessful foreclosure auction. Since what is owed to the bank is almost always more than what the property is worth, very few foreclosure auctions result in a successful sale. Then the property "reverts" to the bank. It becomes an REO, or "real estate owned" property.

Short Sales

When lenders agree to do a short sale in real estate, it means the lender is accepting less than the total amount due. Not all lenders will accept short sales or discounted payoffs, especially if it would make more financial sense to foreclose; moreover, not all sellers nor all properties qualify for short sales.

Distressed Property

Real estate that is under foreclosure or impending foreclosure because of insufficient income production or mortgage payment. May also include property that has not been properly cared for or is in damaged condition. Often referring to bargain property that can be bought below market value as fixed up.

Foreclosure Process

Each state governs the foreclosure process differently. As a minimum, the law requires that the borrower receive sufficient warning or notice before the foreclosure can take place. Other rights and responsibilities may be outlined in the mortgage or loan documents you signed when you purchased the home. Here is a complete list of each state's foreclosure process

Foreclosure F.A.Q.

For more information, please visit the F.A.Q. section of our website.