The South Coast Real Estate Round-Up

Great Deals That May Not Be The Best For You

September 7th, 2013 9:58 PM by Christopher Terry

Distressed properties have been a great source of opportunity for homebuyers. You need to know the difference between all three before you start looking at these types of properties.

  • Foreclosures - Still in the name of the homeowner but being sold by the bank through auctions.
  • REO - "Real estate owned". Owned by the bank because a house did not sell in auction. These are marketed and sold by real estate agents for the bank.
  • Short sale - Owner of the home is trying to sell their house for less than their total mortgage to avoid foreclosure.

The process to purchase any of these is complicated and may take months to complete a deal. If you are interested in distressed properties working with a professional can help smooth out the wrinkles that might otherwise get in the way. Feel free to give me a call or email me so we can go over the details.

Posted in:General
Posted by Christopher Terry on September 7th, 2013 9:58 PM

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