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Buyers 101 for Today's Real Estate Market
Short sale, REO, bank owned, foreclosure, pre-foreclosure.  There are so many terms that have become common in today's real estate market, and many buyers don't understand what they mean or how they might effect them when buying a home.

As a result, I've found myself doing individual Buyers 101 classes for first time buyers.  As I do this, I've begun to realize that even people who have bought before may not understand much of what is happening in today's market, and so I decided to do a quick Buyers 101 for Today's Real Estate Market.
In many areas of Orange County, California, distress sales(REOs, bank owned, short sales) make up approximately 66% of the market.
Because of the prices on distress sales and the percentage they have of the market, these are often the ones on which buyers first contact me.
I find that many are confused by the terms REOs, foreclosure, bank owned home, and short sales.  Many people think these are all the same thing. They aren't.
REO stands for Real Estate Owned.  This is a home which the bank foreclosed on and now owns. 
Bank owned and foreclosures are other terms for homes that are owned by the bank.
A short sale, ... more

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