What is a Short Sale, Foreclosure and REO Property?

What is the difference between a Short Sale, Foreclosure and an REO property you ask?

Short Sale - Market Value of the property is less than the debt owned (typically goes into a short sale within 60-90 days of defaulting on the mortgage)

Foreclosure - taking of the collateral for nonpayment (bank/lender takes back property, typically around 90-150 days and then it goes to public auction).

REO - Real Estate Owned (back by the bank/lender). If after the auction the bank takes back

For an emailed list of properties that are currently in these status's please contact The Romanski Group at jimromanski@hotmail.com.

Now is the Time To Buy in Greater Lasfayette!!!!

Posted by Erin Romanski on 04/30/2008 06:29 PM

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lafayette indiana real estate, short sales, foreclosures, west lafayette indiana, erin romanski, romanskigroupcom, keller williams realty

This post has been included in Indiana Information Tippecanoe County, IN Information

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Real Estate Agent: Erin Romanski (The Romanski Group/ Keller Williams Realty)

Erin Romanski
Lafayette, IN
More about me…
The Romanski Group/ Keller Williams Realty

Office Phone: (765) 807-7121
Cell Phone: (765) 532-6148
Email Me

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