Realty Biz

JULY 19, 2022

Many of these will be new investors that don’t have experience with the pre-foreclosures, short sales, and foreclosures, that occurred during the Great Recession. Pre-foreclosures are commonly confused with the foreclosure process and REOs (real estate owned by a lender). Buying Pre-foreclosures as Short Sales.

Purchase and sale agreement 101

Purchase and sale agreement Short sale Loans Inspection 101

HomeLight

AUGUST 31, 2021

They’ll put the house up for auction either in a sheriff’s or public trustee sale (the name depends on what foreclosure process your state follows). Bank-Owned or REO: If a home doesn’t sell at auction, it becomes a real-estate owned home , meaning the bank or lender officially owns it. Short sale.

Pre-approval 92

Pre-approval Short sale Banks Finance 92

The Close

DECEMBER 29, 2022

It generally results in a higher interest rate or additional points, but it’s a way for homeowners to leverage their equity in a property. Chain of title. As clients get ready for closing, they’ll hear a lot about the title. An established chain of title helps protect the buyer from future challenges to ownership.

Purchase and sale agreement 98

Purchase and sale agreement Title Proof of funds Pre-approval 98

HomeLight

SEPTEMBER 30, 2021

REO owned: If the home doesn’t sell at auction, it becomes real-estate owned, meaning the bank or lender owns it. The property is then “bid upon by would-be buyers who have cash in hand and can purchase and take title to the property almost immediately, right on that day.”. You can build equity fast.

Banks 97

Banks Inspection Equity Investor 97

HomeLight

SEPTEMBER 1, 2020

If the homeowner fails to catch up on their payments by the auction date, the home is auctioned for sale. The home is now bank-owned (sometimes also called REO, or “real estate owned”). First, it’s worth noting that the term “bank-owned foreclosure” is a bit of a misnomer. Source: Clay Kaufmann / Unsplash).

Banks 75

Banks Inspection contingency Inspection FHA loan 75