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What is a Short Sale?

August 15, 2009 by Debbie · Leave a Comment 

Simply put, the property is legally owned by a person or corporation and is often occupied by an owner or tenant or it could be vacant. However, the owner owes more on the property than what it is worth, therefore the bank or lender needs to approve the sale since the lender stands to lose [...]

What is an REO?

August 15, 2009 by Debbie · Leave a Comment 

Did you know that the bank or servicer will own the property in this scenario?
Your real estate agent or broker will negotiate this purchase for the buyer between a bank employee instead of an owner/seller).
Paperwork/Rules for Offer Submission: Standard purchase and sale agreements are used as well as the banks’ own addendums and disclosures. Offers [...]