Compiled by Hassan Nicholás
FYI #3...random stuff to know

• Real Estated Owned property or REO means the bank owns the property and is selling it. Bank must deliver the property to a new owner without past liens, either property taxes or HOA dues. Recorded liens - that's the guarantee. Liens that have not been recorded are not necessarily cleared by the seller or guaranteed by the Title Company. Most likely, if the HOA has put a lien on the property, the bank will pay off the lien. The bank can't close escrow unless all liens are paid off.

• The short sale process is lengthy and rarely successful for first-time home buyers. Only 5-10% of short sale listings actually close, according to professionals in the field. Most are taken off the market by the owner itself or because of foreclosure.
  

• A trustee sale is when a bank tries to offload a pre-foreclosed property. Typically, the opening bid on a trustee sale is set at the amount of the first trust deed loan balance. Sometimes short sales are taken off the market through trustee sales.

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