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

HomeLight

But then, it went into foreclosure and didn’t sell at auction, so now it’s listed as an REO, or real estate-owned property. Even experienced homebuyers who’ve already bought and sold a few homes will find the process much different, and they will also need an agent who specializes in REO sales. What’s an REO home?

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13 Steps to Buying a Bank-Owned Foreclosure

HomeLight

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. Step 9: Order an inspection.

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How Does Buying A Foreclosure Work? Take Our Hand, We’ll Walk You Through It

HomeLight

REO owned: If the home doesn’t sell at auction, it becomes real-estate owned, meaning the bank or lender owns it. Finally, a third way to buy a foreclosure is through a real-estate owned, or REO, listing. Make sure to get a good inspection, and know what you’re getting yourself into!

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Government Websites, Real Estate Agents, A Drive around the Block, And More Ways to Find REO Homes in Your Area

HomeLight

If you’re in the market for real estate, either as an investment or a residence, REO (which stands for “real estate owned” also known as “bank owned”), homes can offer you a deal, but without the hassle of dealing with a foreclosure auction. After you’ve found a property, it’s important to get an inspection.

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

The Close

.” If a property is active contingent, a buyer has submitted an offer to purchase a property, but the sale won’t be finalized until certain conditions, or contingencies, are met. A contingency might be the buyer selling their current house, requiring certain repairs to be made, or obtaining a clean termite inspection.