Shortsale, Foreclosure REO (Bankowned) Auction Think you understand the difference?

     

    short sale is a sale of real estate in which the net proceeds from selling the property will fall short of the debts secured by liens against the property. In this case, if all lien holders agree to accept less than the amount owed on the debt, a sale of the property can be accomplished. [https://en.wikipedia.org/wiki/Short_sale_(real_estate)]

    Foreclosure is a legal process in which a lender attempts to recover the balance of a loan from a borrower who has stopped making payments to the lender by forcing the sale of the asset used as the collateral for the loan. (https://en.wikipedia.org/wiki/Foreclosure)

    REO (also known as bank owned)

    Real estate owned or REO is a term used in the United States to describe a class of property owned by a lender—typically a bank, government agency, or government loan insurer—after an unsuccessful sale at a foreclosure auction. (https://en.wikipedia.org/wiki/Real_estate_owned)

    Auction (sorry Wikipedia did not have a real estate definition for those.  That is a blog topic all it’s own!!!

    Stay tuned.  Next Blog posts will be the about the Auction types.

    As always, a member of the Griffin Group can guide you in each of these processes for purchase opportunities.

    #REO #Bankowned #shortsale #auction #foreclosure #griffingroup #CindyLukehart #TampaBay

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