"Can you tell me the difference between a short sale and a bank owned home?" - 02/05/12 02:23 AM
I can't tell you how many times a week I get asked what the difference is between a short sale and bank owned so thought I'd do my part to get the word out.
A short sale is a home that the seller still owns and usually occupies, however they are unable to sell the home for the full amount owed to the bank.  Their mortgage company must approve the sale price of the home.  These homes could be in preforeclosure or in foreclosure with an auction date pending.
A bank owned home is a home that has been foreclosed on … (0 comments)