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I found this useful post over at Sheree Wilkerson's blog. Sheree is from Wichita, Kansas. Thanks, Sheree!
The type of foreclosure that we work with seems to be becoming more important by the hour here in the San Diego area if the questions I get from my Clients is any indication, not to mention the amount of work that I might have to do for each type.
They're all over the news and they are all the latest rage for those
out home-shopping. Realtors, newscasters, and others toss out
those terms REO, HUD, and more like they're just another piece of the
alphabet. But what do they really mean??
There's basically 3 types
of foreclosures - REO, HUD, and VA. Then you
have Short Sales - which is a pre-foreclosure type.
Housing and Urban Development owned - these homes were originally
bought by someone with FHA financing, who then defaulted on the loan.
They are basically government owned at this point.
HUD homes generally come on the market with an initial bid
period ending on a Sunday. Offers are put in by real estate
brokers online and the winners notified so that paperwork can be
completed. HUD's offer a couple of nice advantages in that
they provide an up-front inspection that should identify some issues
(of course, your own more thorough inspection is highly recommended)
and they note whether a home is FHA insurable or an escrow amount for
Veteran's Administration owned - these homes were originally bought
with a VA loan (military) and were then defaulted on.
Generally you see fewer of these, at least in our
Real Estate Owned by the bank - these homes were bought the usual way
through any number of methods, banks, lenders, trusts, etc.
The buyers of these homes defaulted on their loan and the
lending bank took the home back and is now trying to sell it.
REO's can have a myriad of different owners, procedures,
requirements, or more, based on the wants/needs of the owner
Those are the three types of foreclosures for sale. This
takes a various timeframe depending on the lender who repossessed the
bank, area it's in, etc. Sometimes these homes sit empty for
months at a time while all the paperwork is filed and gets to the right
place before it finally goes on the market.
And then there's the
popular catch-phrase of today's real estate world - short sale!
A Short Sale
is not yet foreclosed. These are sales being made in which
the market value of the home is now less than what is owed on the home,
leaving the owner in a negative equity situation. The
mortgage company for the owner has to approve a loss on the home, or a
short of what is owed them. Most times it is also a case
where the seller has stopped paying and is iminent danger of
foreclosure, but not all cases are this way. Compared to
bank-owned, they are generally in better shape and still lived in (at
least here they are!). Many can just be moved right into with
only a little work. The worst part of a short sale is that
there's no guarantee the bank will allow the loss to happen and they
generally take a long time to decide, sometimes as long as 6-8 months.
Some are faster than others.
There you go! A brief rundown on what all the lovely
foreclosed acronyms mean. I'd be happy to take you out
looking - bring your flashlight!
Disclaimer: ActiveRain Corp. does not necessarily endorse the real estate agents, loan officers and brokers listed on this site. These real estate profiles, blogs and blog entries are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a house. ActiveRain Corp. takes no responsibility for the content in these profiles, that are written by the members of this community.