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 (3)

Christina Bennani-Persechini
Keller Williams Realty Boston North West - Lexington, MA
Realtor - The House For You
CFK= Cash For Keys
Dec 20, 2007 10:19 AM
Brian Corwell
RE/MAX Sauk Valley - Sterling, IL
Sterling, Illinois Real Estate

addendum or addenda..these are the forms that you will need to make your clients offer complete. Be sure to call the listing agent so that you have a complete package when you and your buyer write an offer. Nothing will kill your deal quicker than missing or incomplete REO  addenda.

 

Brian Corwell

Sterling, Illinois REO

Dec 20, 2007 11:32 AM
Anonymous
Aaron Evans

BPO - Broker Price Opinion

An estimate of the value of a property from a qualified real estate broker.  Not a legal assessment or appraisal.  A BPO may be used by the lender to determine the listing price for the property.

Jun 24, 2010 09:36 AM
#3