Buying at a Discount
Vero Beach Short Sales and Bank-Owned Foreclosures
Understanding Short Sales and Bank-owned Foreclosures
Short sale: How does a short sale work? In a short sale, the seller arranges with their mortgage lender to accept a price that's less than the amount they owe on the property. As part of this arrangement, the lender typically agrees to forgive the rest of the loan. As a result, the seller doesn't have to go though a foreclosure, the buyer picks up a property at a discount, and the lender avoids taking on the burden of unloading the property.
Summary: In a short sale, a seller facing potential foreclosure strikes a deal with their lender to accept less than they owe on the property, in exchange for avoiding foreclosure.
Bank-owned Foreclosures: Under this buying stage, the lender or bank has taken ownership of the property, either through an agreement with the owner during pre-foreclosure or at the public auction. REO means "real estate owned" by the lender and indicates the house has already gone through the foreclosure process and has been repossessed by the lender.
The lender usually sells the property to recover the unpaid loan amount and typically clears the title for any buyer. But the potential bargain is often less than a pre-foreclosure or auction property.
In both cases: Buyers needs to be prepared to go through extra paperwork and possibly roll up their sleeves if that new property needs fixing up.
Debbie Bell Knows How to Help a Buyer Buy a Short Sale or a Bank-Owned Foreclosure
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