Real estate owned properties, or REO properties, are houses that have been seized by banks or other lenders from people who are unable to pay their mortgages. When lenders offer mortgage loans, they see them as an investment, because they will earn money from the interest on the loan. So to salvage their investment, banks foreclose on homes with unpaid mortgages and sell the properties at … [Read more...]
What’s The Difference Between Short Sale, Pre-Foreclosure and Foreclosure?
What is the difference between a short sale, pre-foreclosure, and foreclosure? If you're considering purchasing one of these kinds of properties, it's very important to understand what these terms mean and how the home's status could affect its sale. The first rule of thumb: Proceed with caution. The pitfalls for the average buyer are numerous when it comes to a short sale or a foreclosure, … [Read more...]
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