The foreclosure process is a bank or other secured creditor (lender) selling or repossessing a parcel of property after the owner has failed to comply with the mortgage or deed of trust. Commonly, the violation of the mortgage is a "default" in payment of the promissory note, secured by a lien on the property. When the process is complete, the lender can sell the property and keep the proceeds to pay off its mortgage and any legal
REO / Bank Owned Property
REO or Real Estate Owned, is a class of property owned by a lender, typically a bank, after an unsuccessful sale at a foreclosure auction. A bank will typically set the opening bid at a foreclosure auction for at least the outstanding loan amount. If there are no bidders that are interested, then the bank will legally repossess the property. As soon as the bank repossess the property, it is listed on their books as REO - Real Estate Owned - and is categorized as an asset (non-performing).
A short sale is a sale of real estate in which the sale proceeds fall short of the balance owed on the property's loan. It often occurs when a borrower cannot pay the mortgage loan on their property, but the lender decides that selling the property at a moderate loss is better than pressing the borrower.
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Beds: 3 | Bath: 1 | Sq Ft: 1895 | Acres: 0.15 | Built: 1920 | MLS ID: S643179
Large open floor plan for single level 3 bedroom home located on a cul-de-sac with alley access. Detached 1-car garage. Huge corner lot. Property needs TLC. Sold in is present condition.
Beds: 4 | Bath: 3 | Sq Ft: 2275 | Acres: 0.09 | Built: 2004 | MLS ID: OC13095210 | Status: Active
Stunning Home on an Oversized Corner Lot in the Prestigious Ivy at Providence Park. Some of the Features of this Home include Elegant Slate Flooring with Metal Accents, Gourmet Kitchen with a Center Island and Granite Counters, Travertine Inlaid Bathroom Floors, Recessed Lighting, and Plantation Shutters Throughout. The Home also has a Formal Dining Room, a Living Room, and a Spacious Family Room that Overlooks the Kitchen. Additionally, the Entertainer's Backyard, has an Outdoor Serving Bar and BBQ Area, a Pebbletech Jacuzzi, and Beautiful Rock Fountain. This Gated Community has a Pool, Spa, and a Park.
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