What is the difference between a Foreclosure, Bank Owned Property (or REO) and a Short Sale?
Outer Banks Foreclosures – Foreclosure properties are in the process of being foreclosed but are still owned by the homeowners. How does a home owner get help if they are worried about their house going into foreclosure? The home owner should call the bank prior to being unable to make the monthly loan payments. A bank would rather renegotiate the loan terms with the homeowner than to take on another foreclosure. Click this link to learn how to avoid foreclosure . Outer Banks Bank Owned Properties – What is a bank owned property or an REO? Bank-Owned properties are properties that have already been foreclosed. Foreclosed properties are referred to as REO (Real Estate Owned) which means the foreclosure has taken place and now the home is in the bank’s posession and is placed for sale on the market with a listing agent. Typically, REO or bank owned properties are listed minus any furniture, appliances, hot tubs, light fixtures…etc. in the house. Occasionally, there may be one here or t
