REO, Short Sales and Foreclosures: What’s It All About?The real estate market has been in the news a quite a bit in the last 15 months. To some families this has been a disaster, totally upsetting the stability and security of owning a home. This market plunge, unfortunately has affected millions of families. The ever shrinking job market and the erosion of most all financial assets have dramatically affected the real estate market... (continued) |
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Why A Foreclosed (REO) Or Short Sale Property Is So Attractive TodayFor some families that have the financial stability and the ability to purchase a home, this is an excellent time to purchase an upgraded home. The only catch for most families is that they have to sell their current home before they can qualify for another home (continued) |
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Purchasing a Short Sale or REO (foreclosed) PropertyThe purchasing process is similar between a foreclosed property and a Short Sale. The only real difference is who actually owns the property until it is sold. In both instances, the lender is the primary player in the sale. In a REO or foreclosed property, the bank or lending institution holds title. While in foreclosure or in Short Sale... (continued) |
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Bank Trend to Delay Sale of REO Home: Scenario OneOne reason that the bank may not be to eager to sell their REO’s is this simplified scenario. First, by selling now at the bottom of the market, they will recover only about 70% that was originally lent to the home owner. This could be 50 to 100’s of thousands of dollars-- more if a luxury home ... (continued) |
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Bank Trend to Delay Sale of REO Home: Scenario TwoSome insiders say that many mortgage companies are reluctant to give financially troubled homeowners a break, because the companies collect lucrative fees on delinquent loans and other services... (continued) |
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Walk Away From Home and Mortgage and Gain: Homeowner ScenarioHere’s the scenario; Homeowner owns home, purchases it for $325,000 on 2003. In 2006 the value of the home rose to $450,000. They refinance the original mortgage of $305,000 to $405,000 or 90% LTV, loan to value. In 2008 the home resale market drops 30% so their home is now valued at $315,000. They would like to sell their home because the payments are more than they can afford... (continued) |
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Glossary of Foreclosure and Short Sale TermsHere's a Glossary of Foreclosure and Short Sale Terms that can help you decipher the terminology associated with foreclosures. Foreclosure Glossary |
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