REO Terminology

By
Real Estate Agent

Dictionary

Greetings fellow Rainers!!! 

I'm just taking a break from my rather hectic day.  For kicks, I thought it would be fun to start some sort of chain type thread just to see how long we could keep it going before we ran out of things to add.  So my topic of choice is REO TERMINOLOGY. 

Why?  Maybe because in my neck of the woods it's all you hear about.

It's kind of corny I know, but with so many experts in the field I thought we could have fun, challenge ourselves, learn from one another or perhaps stump a few.

I'll go first -- REO (Real Estate Owned) - Property which is in the possession of a lender as a result of foreclosure or forfeiture.

I know, I know...I took the easiest one.  What else did you expect me to do???  Just kidding.  Anyway...chime away.  Anyone have some good ones to stump the rest of us???

 

Comments (2)

Brian Corwell
RE/MAX Sauk Valley - Sterling, IL
Sterling, Illinois Real Estate

AS-IS....duh! In all seriousness, some agents and or buyers just don't get it... The bank has never lived in the house. They have no idea if anything works, they have no idea if there is RADON, mold, animals, roof leaks, leaky pipes, wet basement or if there are any city, state or county code violations. All they know is that they can deliver a clear, marketable, insurable title to a qualified buyer.

 

Dec 17, 2007 10:42 AM
Rosemary Brooks
BMC Real Estate - 209-910-3706 - Stockton, CA
The Mother & Daughter Realty Team
Bank's addendum - never got this far but I have been told about it and it sounds like - yet another contract to look at with a very close eye.  I can't figure out why they would rewrite the original one.
Dec 29, 2007 03:50 PM