Distressed Properties 101

Ever hear the terms REO, bank-owned, short sale or HUD home? And have you even wondered what the heck all those terms mean? Here are some definitions used to describe common types of distressed properties: Foreclosure: This refers to the process of a lender taking possession of a property from an owner who isn’t paying their mortgage as promised. After the process of foreclosure is completed and the homeowner has left, the property is offered for sale at auction. REO or bank owned: The terms REO – short for the term “real-estate owned” – and &ldquo...

May 4th, 2015 | Distressed Properties, Distressed Properties 101

Distressed properties: What’s changed for home buyers

Interesting in buying a distressed property? You’ll still find these types of homes on the market. But there are definitely fewer bank-owned properties and short sales available for sale today than there were a couple of years ago. Beyond a smaller supply of available properties, here’s what else has changed for home buyers: Discounts aren’t as deep. Foreclosures are selling for less of a discount than in the past – in general, between 12 percent and 16 percent off market prices compared with discounts of 20 percent or more in the past. That’s why you don&...

April 16th, 2015 | Home Buying Tips, Distressed Properties, Distressed properties: What’s changed for home buyers