Short Sale / Pre Foreclosure A short sale is a sale in which the sale proceeds fall short of the balance owed on the mortgage. The seller and lender agree to sell the home for less than the amount owned therefore creating a short sale. This process could take and extended amount of time but could in fact be worth the effort for the buyer.
Bank Owned / Foreclosed Bank owned properties are properties that the owner could no longer pay so therefore the lender took the property back. The lender now owns the property and can sell it. A bank owned sale can go relatively fast if both parties agree.
For Sale Often buyers assume that buy purchasing a foreclosure they are getting the best deal in town, however that is not always the case. There are many homeowners who are selling their homes to relocated for job purposes or whatever the case my be. In order to be competitive their prices must be comparable to those homes that are currently on the market. In today market conditions there will almost always be a few bank owned homes that have recently sold that will affect the list price of non bank owned homes.
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