We are lucky here on Long Island that we have a low percentage of distressed properties for sale in comparison to many other areas of the country. There are presently 1,387 homes available for sale in Huntington Township through the Multiple Listing Service. There are 21 REO properties available and 127 short sales. The combined amount of REO and Short Sale Properties equals 11% of the current available inventory.
REO stands for Real Estate Owned, which means real estate owned. This term is used once the property has been through the foreclosure process and is now owned by the bank. Short Sales are properties where the homeowner owes more than the house is worth, and in order to get out of a painful situation before being foreclosed on, the seller must get approval from their lender to ”sell short” of what is owed.
Please contact me if you would like a no obligation list of the distressed properties available for sale in Huntington or neighboring areas.
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