Mar
9
Here in Madison Wisconsin, we have really not been hit too hard. Even so we have our share of Foreclosures, short sales and REOs.
So what are they.
Well many people have heard that they need to get one of these to get a good deal.
So it would be good to start with what this means.
Foreclosure. When the seller can/does not pay the mortgage the bank can set into a process ending with the bank kicking out the occupant and taking ownership. Owner loses ownership and bad hit on credit.
Short Sale. A short sale is when the bank is owed more than the sale will recover.
Short sale is an alternative to a foreclosure. Hiring a qualified Real estate professional to sell the home and negotiate with the bank to take less than owed. This process can be lengthy for the buyer. Real Estate Guy’s short sale explanation and FAQ sheet
REO. Stands for Real Estate Owned. It is post foreclosure when the bank now owns the property and needs to sell.
Real Estate Guy Helps home owners who are in distress. Sometimes selling and arranging the short sale. Sometimes there are other solutions, Real Estate Guy can help figure it out.
All of these options can represent good deals for buyers. However there are good deals in the field of listings as the profession is getting more realistic at pricing.
Find Real Estate Guy’s hot buys here.
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COMMENTS (1)
Greetings, Real Estate Guy--question--we are Indiana residents and are in the process of going through a potential short sale. The home in question was discharged for bankruptcy in 2005 and now is no longer able to be paid for--so a short sale seems imminent, and we have someone who we may be going forward with. One thing they sent to us today was this: Obiously our goal as an investment company is to buy the house at one price and resell it at a higher price. Typically in a short sale review process there is 30 to 45 days where we know what the purchase price is going to be but can't get the final approval letter yet. What we've done with homeowners in the past is that at this point if the homeowners are ok with us going ahead and marketing the property for our end buyer we can usually line up our end buyer about the same time we get the final short sale approval. Because this saves us expense and risk we get the homeowner some cash at closing when we go this direction. Is this normal? We just don't want to get "screwed" by this, but with our situation, should we go forward as they are requesting? March 10, 2009 at 2:17 pm