With this new market comes new terms and unique situations. The real estate market today is full of foreclosed and distressed properties. So here is a quick breakdown of what you might encounter in this market:

BPO: this stands for "Broker Price Opinion." Banks who have taken possession of a property and are ready to sell it call on real estate agents to help them determine the sales price.

REO: stands for "Real Estate Owned." This is a short term used to describe a bank owned property. The real estate has gone all the way through the foreclosure process and the bank is now the official owner...and they want to sell it.

Short Sales and Pre-Foreclosures: These terms are used interchangeably. They refer to a property that is still owned by an individual, but they are getting behind and want to sell before the bank has to foreclose. Sellers have to demonstrate and document a financial hardship and they can check with their lender to see if they will allow the property to sell for less than the amount owed. This is a win-win. The bank takes a hit of course, but it is less than the cost and time involved to foreclose. Meanwhile, the seller's credit is hit, but not AS hard as a foreclosure. This also demonstrates their sincere efforts to avoid foreclosure.

We at The Carolina Crew can help any buyers or sellers regardless of their situation. We are well versed in short sales, REOs, and preforming BPO's. Its our goal to reach the win-win so check us out at www.TheCarolinaCrew.com