Social Media Updates –
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How Our Experience Can Help You Find the Best Deal* –
We have completed over 500 foreclosure/REO/Short Sales and can put that experience to work for you. We are recognized and certified by a number banks and understand each institution’s differing requirements. Remember, not all foreclosure/REO properties are bargains and you should consult with experienced professionals that will work to protect your interests. If you are looking to buy a this type of home, here are some terms you should understand.
Foreclosure is a legal process where a lender is taking possession of a property because the owner has failed to meet the terms of their mortgage. After the foreclosure, the property becomes a Bank Owned property. If you are considering a property that is in foreclosure, it is important to have professional advisors that will work to protect your interests.
Bank Owned (or REO) –
A Bank Owned or Real Estate Owned (REO) property might have been acquired by the institution as an investment or as the result of a successful foreclosure. Many of these properties are exempt from property disclosures and require an extra measure of attention to details to ensure there are no hidden defects. Again, professional representation is suggested to protect your interests.
Short Sale –
A short sale typically occurs when a property is being sold by the owner for less than is owed the lender. This requires the lender to approve the sale in advance. Short sales can be more complicated and take much longer to complete than a conventional transaction and once again experienced professional representation is suggested.
* This information is not, nor is it intended to be, legal advice and should not be relied on in lieu of consultation with an attorney. You should consult an attorney and/or a foreclosure specialist for individual advice regarding your own situation.