article thumbnail

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

HomeLight

You’re reading through a new MLS listing, and you believe you found your ideal home. But right as you’re about to call your real estate agent, you notice there’s a line in there that labels it a foreclosure. Short sales can typically be found through the MLS database or your buyer’s agent. Pre-foreclosure.

article thumbnail

Five Types of Forclosure and Tips for Purchasing Each Type

Realty Biz

Today the process for finding foreclosed homes is nearly the same as searching traditional MLS home listings online. . Pre- Foreclosures . A property goes into pre-foreclosure when a mortgage company notifies the borrower that they are in default on their loan. Bank-Owned Properties.

Insiders

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

article thumbnail

What Is an REO Property, and How to Buy One?

Point2Homes

Real estate-owned (REO) properties, also known as bank-owned, are properties that have not sold at a foreclosure auction , and as a result, they are owned by the foreclosing bank. From there, the bank will collaborate with REO specialists and real estate agents to sell the property. Are REOs Worth It?

article thumbnail

How to Sell a House from Out of State: Long-Distance Guide

HomeLight

Selling a house is rarely easy — but it certainly helps if you’re physically nearby to coordinate repairs, approve paint colors, or pop by during your lunch break to check on things. A skilled real estate agent can guide you through how to sell a house from out of state, providing an elevated level of service. Foreclosure.

article thumbnail

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

The Close

If your clients are concerned about getting approved for a loan, you can remind them that a co-borrower agrees to back the borrower in a mortgage loan. Simply put, this measures the number of days a property is for sale, from the day it is listed on the multiple listing service (MLS) to the day a buyer and seller are under contract.