What is a foreclosure or REO property?
Click HERE to view Current REO and FORECLOSURE LISTINGS Short Sales are basically when a property is sold at a foreclosure auction because the seller owes the bank more then they are selling it for. Because the seller cannot pay their mortgage payments anymore the bank takes back the home. Even though the word short sale sounds, well, SHORT, it can be a longer process for the bank to let go a property and loose money on it. Sometimes the auctions drag out and atract little to no bidders and this can sometimes mean ending the auction and the home just goes back to the bank and the financial institution holding the lien carries the property. This is turn is called an REO or Real Estate Owned property. Once the bank has possession of the property all financial obligations the owner once had with that property are now the responsibility of the bank including the HOA fees or anything the might accompany the property. The bank will also try and remove any and all other liens on the home such
