Definitions for Deal-Seeking Buyers: Short Sales, Foreclosures, and REO Homes
HomeLight
AUGUST 31, 2020
You are typically required to have cash in hand (a cashier’s check and/or proof of funds) for the purchase price of the house and usually cannot get a mortgage loan for the property. At this point it is now called a bank-owned or real estate-owned (REO) property. Where HUD Homes come from.
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