Looking for a Smoking Hot Deal?

In this market, you have options. You can purchase a Lender Owned Property, Short Sale, HUD Home, Traditional Sale or an Auction Home.

In a nut shell, this means:

Lender Owned: In the markets terms- REO meaning, Real Estate Owned.  A property owned by a lender - usually a bank - after an unsuccessful sale at a foreclosure auction. the bank will then go through the process of trying to sell the property on its own. In some cases, the house can be bought at a discount to its market value because the bank tries to sell these properties in the shortest amount of time.

Shortsale:  When the proceeds from selling the property will fall short of the balance of debts secured by liens against the property and the property owner cannot afford to repay the liens' full amounts. Therefore the lien holders agree to release their lien(s) on the property and accept less than the amount owed on the debt. Any unpaid balance owed to the creditors is a deficiency to the owners. Short sale agreements do not necessarily release borrowers from their obligations to repay any deficiencies of the loans, unless specifically agreed to between the parties. A short sale is often used as an alternative to foreclosure because it mitigates additional fees and costs to both the creditor and borrower; however both will often result in a negative credit report against the property owner.

HUD Home: Is a property that is backed by the Federal Housing Administration / FHA and is now in foreclosure. Once a home backed by the FHA goes into foreclosure, it is deeded back to HUD by the lending mortgage company.

Foreclosure Auction: When the bank tries to sell off it’s past-due asset to a home buyer or investor. This often happens on the courthouse steps in many states. Sometimes, the house still doesn't sell for enough money at a foreclosure auction, so the bank ends up taking it back into their inventory where they will later list it with a real estate agent. Most auctions must be purchased with cash and AS IS.

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