What Is An REO vs Short Sale?
Here's something you might be wondering: What's the difference between an REO property and a short sale? An REO property is one that has already gone through foreclosure and is currently owned by the bank, which is trying to sell it to a buyer. A short sale is a real estate transaction that takes place when an owner owes more on the mortgage than the house is currently worth and the bank agrees to a sale for less than the full mortgage balance in order to avoid foreclosure. A property involved in a short sale is not bank-owned. The number of short sale transactions has increased in recent years, and you're likely to run into homes like this on the market as you view properties. As with REOs, short sales can be complicated.
TIP Despite what you may hear on TV, buying foreclosures is not a get-rich-quick scenario. REOs can offer a way to buy property at below-market prices, but the process is different than an average home sale.
TIP Despite what you may hear on TV, buying foreclosures is not a get-rich-quick scenario. REOs can offer a way to buy property at below-market prices, but the process is different than an average home sale.
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Real Estate and MLS Homes For Sale in Lakes Agent Insight Description of East Lake Rush Lake in the Lake Section of the Area Category.
Hidden Gem
Beautiful views and living on the lake without all the other commotion. Silver Lake in Ayrshire is a great place to find tranquility with every day life. Boating, fishing and friendly neighbors is what you will find in this hidden gem.
