Foreclosure

Technically, “foreclosure” is a process, not an end result. The process by which a bank or lender takes a home back from an owner who has defaulted on the loan. Eventually, the home is “foreclosed” on, the borrowers are evicted and the home becomes a bank owned property. Properties going through foreclosure are not ready to sell.

Bank Owned

A bank owned home most often refers to homes that have been repossessed by the foreclosure process. The foreclosure process is over and the Bank now owns the home. Bank owned homes are often called REO homes which stands for “Real Estate Owned”. Request Bank Owned List

Short Sale

A short sale is a sale of real estate in which the sale proceeds fall short of the balance owed on the property’s loan. A short sale often occurs when a borrower cannot pay the mortgage loan on their property, but the lender decides that selling the property at a moderate loss is better than foreclosing on the borrower. Both parties consent to the short sale process, because it allows them to avoid foreclosure. A Short sale often has less consequence to the borrowers credit. Request Short Sales List