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"SOL" Homes defined: MLS Foreclosures, REO, Short Sales, Pre-Foreclosures Defined & Email Alerts
Newspapers are filled with talk of the flood of foreclosures, but none that I have seen have taken a step back and defined all the different industry words for my new industry word: "SOL" (S* Out of Luck) Homes (tm), and how to buy them. 2-3% of MLS listed homes are SOL in Northern Virginia. Can your agent find them?It might seem odd that I'm writing about how to buy foreclosures listed on the MLS since some might have just finished reading my article Attn. Market Timers! The EXACT Best Day to Buy!
Well SOL homes can get you a 5-15% discount* if you
Know how to search for them, AND You have patienceYou aren't picky!Fully understand the risks of buying "as is" * Side shout: BusinessWeek did a great job in their article This Old Foreclosure Buying directly from a bank avoids some risks, but don't expect a steal They both dispelled the 30-50% pennies on the dollar mentality people equate with foreclosures and how foreclosures of a year ago are different today, they no longer occur mainly on courthouse steps. They use the MLS)
So, let's go over the SOL terms:
Pre-Foreclosure: term used by agents or sellers that are ... more

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