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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? You will learn what each stage of the process looks like as we define the different terms clearly.

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131 Real Estate Terms & Definitions Your Clients Expect You to Know in 2023

The Close

This is when a homeowner turns a deed over to the mortgaging bank to avoid going into foreclosure. 10 Sneaky Real Estate Scams + How to Protect Your Clients (& Yourself). This is the amount of a property that a person (not the bank) actually owns. Generally, this refers to earnest money funds.