If you have to sell your home for one reason or another but you owe more on it than it is actually worth you may have heard that you can do a Short Sale, and when that's behind you all will be well. This is not as easy as it sounds, and as with everything else in life, there may be some serious repercussions. There are lots of variables, and getting a short sale transaction approved and closed is a very complicated matter.
The times have definitely changed, and several new terms have crept into common usage in real estate. Words like "short sale", "REO Property", and "bank-owned" each carry their own meaning and implication, and you need to be familiar with what they are. Can't have you not keeping up with the times, can we?
The easier terms to understand are "bank-owned" and "REO". "REO" simply stands for "Real Estate Owned", so these two have basically the same meaning. When you see these words, the property has already gone to foreclosure and it is the bank … (0 comments)
Some things you should know if you HAVE TO SELL.....;)
;)
