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

HomeLight

In a normal home sale, if the home inspection finds issues, you can negotiate with the seller. But with an REO sale, you generally won’t get an additional discount on the price or to ask for repairs. If you know someone who’s bought a foreclosure, short sale, or REO property, talk to them first.

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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. Find Agent.

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iBuyer vs. Real Estate Agent: How Do the Experiences Compare?

HomeLight

An agent assists in preparing a home to look its best through careful staging reminiscent of an eye-catching department store window display. However, there still are some contingencies to clear before they can close, such as the home inspection , the home appraisal , and the buyer’s lender approving their mortgage. That was it.

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5 Keys To Know About an ‘As Is’ Home Sale Before You Try One

HomeLight

You might not be aware of every flaw — that’s for the home inspection to notice — but once you are, you can’t hide them, and legally, neither can your agent. Buyers can still get an inspection to unearth problems. A home inspection is part of a buyer’s due diligence. But not every “as is” home sale falls into that category.

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