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 EVERYONE should know.....;)
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