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How to Buy a Foreclosure: Your Go-To Guide to Distressed Properties

HomeLight

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.

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

The Close

And now we present the 131 real estate terms you need to know—and be able to define for clients—in 2023: 1031 Exchange. This tool, also known as a like-kind exchange, allows investors to defer paying capital gains taxes on a sale. An established chain of title helps protect the buyer from future challenges to ownership.