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Buying a Bank Foreclosure vs. Short Sale
Buying a Bank Foreclosure vs. Short Sale - AAA Home Team - 407-928-8652
 
Looking for a great deal on a distressed home?  Lots of great deals in the home market today, great time to buy a home.  But there are a few things you should know about Buying a Bank Foreclosure vs. Short Sale:
 

 
                 
Bank Foreclosures (REO) -  the bank has already taken the home back versus a short sale.  The bank looks over their numbers, considers market value, and the reported condition of the home.  The list price is set so the bank can reach their bottom line.  The bank will accept the listed price, or perhaps a little less, depending on how long the home has been on the market.  You will get a fast answer to your offer, usually in a couple of days.  Many bank foreclosures are selling very fast, and with multiple offers.
 
Short Sales - home-owner is upside-down in their mortgage.  The owner owes more than the house is worth, so they cannot do a traditional sale.  Short sales are asking the bank to “eat” that difference, or accept a short payment.  Short does ... more

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