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Definitions for Deal-Seeking Buyers: Short Sales, Foreclosures, and REO Homes

HomeLight

You may have heard that short sales, foreclosures, or bank-owned properties offer great opportunities for a steal , but what do these different terms mean, and how does the homebuying transaction work for each? What’s the difference between buying a short sale vs. a foreclosure, and where can the best deals be had?

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13 Steps to Buying a Bank-Owned Foreclosure

HomeLight

If that’s you, you may have heard that one path to a deal is buying a bank-owned foreclosure. There are pros and cons to consider when going this route, however, such as the fact that bank-owned properties often need more TLC than other homes on the market, and many are sold as-is. What’s a bank-owned foreclosure?

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How Do I Find an REO Buyer’s Agent Who Knows Bank-Owned Home Sales?

HomeLight

A “real estate owned,” or REO, home is one that’s owned by a bank. The owner either forfeited it to the bank, or the house went to foreclosure auction and the house didn’t sell. Whatever the case, now the house belongs to the bank. Buying a bank-owned home isn’t the same as buying a house from a private homeowner.

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Finding and Buying Off-Market Real Estate

Realty Biz

Homes cannot be listed in the early stages of foreclosure if the seller has tenants and does not want to let them know the home is for sale. Sign up for email alerts for new properties that are not on the market for sale. Foreclosures, short sales, and bank-owned homes are considered non-marketable properties.

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I Need to Sell My House Fast, What Are My Options?

HomeLight

Keep in mind, though, that a large item such as foundation cracks will raise red flags in an inspection, resulting in a price discount. Usually it goes something like this : You skip the song-and-dance of staging your home to impress, and go straight to requesting a cash offer. Here are a few options to avoid: Short sales.

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Trying to Sell Your House in 7 Days?

HomeLight

By eliminating lender involvement, you open up sales to non-traditional buyers, such as house flippers , buy-and-hold investors , and iBuyers. You skip the process of staging and showing your home and go straight to requesting an offer. Step 4: Coordinate on lien searches or inspections. Close in as little as 10 days.

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iBuyer Real Estate Guide for 2022: What Is an iBuyer?

HomeLight

They share photos of the home, complete a digital walkthrough, and have the property exterior inspected. The term iBuyer appears to have originated from an internal report released by banking firm Evercore in 2017 that discussed the “iBuyer” business model as being one that was “likely to garner increased attention over the next few years.”.

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