Below is a list of information on Arlington Foreclosures and Short Sales and how to search for them.
I had a friend say “What does REO mean? I’d like to know!” And it dawned on me that I needed a Glossary for real estate terms related to distressed properties:
Short-Sale: A short sale is when the mortgage company agrees to accept a mortgage payoff that is LESS than the current loan balance (sometimes, but not always, between $20-$100k). Here, the seller/homeowner is still involved in the process of finding an agent and trying to sell their house for as much as they can.
Foreclosure Auction: An auction takes place when the bank has taken possession from the defaulting sellers, and places the home up for bids – beginning at the loan balance, interest, fees, and any liens associated with the property.
When/if this is unsuccessful…
Real Estate Owned (REO): After an unsuccessful auction, the property will revert back to possession of the bank, at which time they “own” the property and place it up for sale. Sorry, no speedwagon here!
- Short Sale, Foreclosure, Bank Owned – What does that mean?
- Short Sale Info: What is a Broker’s Price Opinion (BPO)
- Buying in “As-Is” Condition
- Foreclosure Auction: What To Expect