Bank Owned (REO) vs Short Sale

Pre-Foreclosure - This term often doesn’t have a legal meaning. What it usually means in day-to-day practice is that the home owners are trying to sell because they know they have either stopped (or will soon stop) making the mortgage payment. Often, the home owners also know or suspect that they can’t sell for what they owe on the home, and any resulting sale will be a Short Sale.

Short Sale - In this case, the homeowner has usually stopped paying the mortgage. In addition, the home is worth less than what they owe the lender. If they’re able to (1) find a buyer and (2) get the lender’s blessing on the deal, the lender will accept a portion of the total loan payoff amount. The lender is left short, hence the name.

Short Sales are sometimes great bargains for buyers, but know that buying a short sale property can take months. The home comes without any disclosures about condition, and is sold As Is. Buyers can inspect the house but Sellers/Lenders won’t do any repairs. Sellers/Lenders will almost certainly not contribute to the Buyers’ costs.

Finally, you have to play a waiting game. Lenders are overwhelmed, they were never set up to operate a real estate brokerage in the first place, and will probably take a month or more to even acknowledge receipt of a Buyer offer. To add insult to injury, if you don’t submit a complete package of documents, you’ll be waiting even longer while the lender requests docs one at a time.

Foreclosure - Foreclosure is a term for the process of a home's ownership changing from the purchaser to a new buyer (through short sale or auction), or back to the Lender as an REO.

REO - Also known as Lender Owned. One way or another, the lender now owns the home. Maybe the homeowner just mailed in their keys and disappeared. Maybe the home wasn’t bought at auction. In any case, the lender owns it. They’ve already taken a loss against the original loan balance on the property. REO properties carry all the downsides of Short Sales except that you’re more likely to get an answer within days or weeks on REO properties. However, the bank is unlikely to take much below list price. They’re already taken a big loss and usually these properties are listed pretty close to the rock bottom of what the bank will accept.

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$179,900
Beds: 1 | Bath: 1 | Sq Ft: 844 | Acres: 0.03 | Built: 1978 | MLS ID: OC14125219 | Status: Backup Offer
$230,000
Beds: 1 | Bath: 2 | Sq Ft: 765 | Built: 1987 | MLS ID: OC13186553 | Status: Backup Offer
Great Beach Condo with Fireplace in Livingroom - Great views - facing east - Walk-in closet
$258,400
Beds: 2 | Bath: 2 | Sq Ft: 1176 | Acres: 0.41 | Built: 1990 | MLS ID: OC13114860 | Status: Backup Offer
This Multi-Level Condo Community is typical of the Long Beach Lifestyle with its architectural interest, colorful and lush tropical landscaping, secure entrance with subterranean parking for 2 cars and elevators for your convenience. Entertain in the convenient Recreation Center that offers pool table, ping-pong and full kitchen. This home enters into a comfortable and open floor plan of approximately 1,176 square feet with two bedrooms, two full baths, inside laundry, dining room and ample kitchen with gas appliances. Conveniently located to shopping and points of interest. You?ll be proud to call this very quiet and well maintained community your home. HOA Dues are $313/mo.
$319,000
Beds: 2 | Bath: 2 | Sq Ft: 1059 | Acres: 0.02 | Built: 2010 | MLS ID: OC14121712 | Status: Active
You will fall in love with this move-in ready, END UNIT 2 bedroom, 2 bath townhome. Built in 2010, the kitchen offers stainless steel appliances and granite counter tops. It opens into the wide open living room and that has it's own private deck. The 2 car attached garage offers both convenience and accessibility to the entry way and first floor bedroom. The HOA offers a swimming pool and spa and covers both water and trash. This home is close to shopping and dining and conveniently located next to the 71 freeway. This community is FHA approved.
$442,000
Beds: 5 | Bath: 3 | Sq Ft: 3214 | Acres: 0.26 | Built: 2002 | MLS ID: OC13236441 | Status: Backup Offer
Wonderful corner lot property with RV Access located in the foothills of Corona includes 3 large bedrooms upstairs and a Master Suite with Sitting Area and 1 large bedroom downstairs, 3 full baths, formal living and dining room and inside laundry room. Open floor plan with souring ceilings and spiral staircase lend to the circular layout of the first floor to mingle while entertaining. Large gourmet kitchen opens to cozy family room and includes breakfast island/counter, higher end stainless appliances including double oven and a view of the outdoor kitchen. The rear yard includes plenty of lawn with a pergola on one side and raised planters on the other including a separate area for vegetable and herb gardening. Newer community rarely o
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$4,000
Beds: 1 | Bath: 1 | Sq Ft: 550 | Acres: 0.02 | Built: 1974 | MLS ID: PW13210013 | Status: Active
This is a beautiful condo located in a high rise building in Leisure World, located in Laguna Woods....
Listing provided courtesy of Keller Williams Realty Irvine
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$15,500
Beds: 2 | Bath: 2 | Sq Ft: 960 | Built: 1978 | MLS ID: CH13245883 | Status: Active
PRICE REDUCED!!! .....Bank owned mobile home located in a desirable senior park in Paradise. This we...
Listing provided courtesy of Keller Williams Realty Chico
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$41,000
Beds: 2 | Bath: 2 | Sq Ft: 1080 | Acres: 0.08 | Built: 1972 | MLS ID: CV14184388 | Status: Active
SHORT SALE. Affordable condominium in good condition in the heart of the city of Victorville conveni...
Listing provided courtesy of SHEAR REALTY
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$48,000
Beds: 3 | Bath: 2 | Sq Ft: 1250 | Built: 2005 | MLS ID: SR14108399 | Status: Active
Not a Short Sale or REO, Traditional Sale. 3 bedroom 2 bath mobile home in Brierwood Mobile Home Par...
Listing provided courtesy of Keller Williams Realty Antelop
$50,600
Beds: 3 | Bath: 2 | Sq Ft: 1056 | Acres: 0.82 | Built: 1992 | MLS ID: SW14048577 | Status: Active
Take Hold Of The Moment! It Just So Happens To Be That This Welcoming Home May Possibly Be Within Y...
Listing provided courtesy of RealHome Services and Solution
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$55,000
Beds: 3 | Bath: 2 | Sq Ft: 1344 | Built: 1986 | MLS ID: SR14102525 | Status: Active
Not a Short Sale or REO, Traditional Sale. 3 bedroom 2 bath mobile home in Leisure Lake Senior Mobil...
Listing provided courtesy of Keller Williams Realty Antelop
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$59,900
Beds: 4 | Bath: 2 | Sq Ft: 1344 | Built: 2005 | MLS ID: PW14153300 | Status: Backup Offer
REO/Foreclosed Mfg home; this 4-bedroom / 2-Bath in the City of Anaheim HOME WILL BE COMPLETELY REMO...
Listing provided courtesy of Unified Group Investments
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$59,900
Beds: 3 | Bath: 2 | Sq Ft: 1344 | Built: 2005 | MLS ID: SR14124678 | Status: Backup Offer
Beautiful double wide mobile home in Hasley Canyon area of Castaic. Feel like you are in the country...
Listing provided courtesy of Realty Executives
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$65,000
Beds: 2 | Bath: 1 | Sq Ft: 920 | Acres: 5.00 | Built: 1960 | MLS ID: DC13159438 | Status: Active
Clean 2 bedroom home on 5 acres. Tiled flooring throughout and a detached garage. Chain link fencing...
Listing provided courtesy of CENTURY 21 Les Ryan Realty
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$65,200
Beds: 2 | Bath: 1 | Sq Ft: 914 | Acres: 0.08 | Built: 1910 | MLS ID: SW14056933 | Status: Active
This Single Family Residence Is A Cozy Home That Sits On A Reasonably Sized Lot. This May Be An Opp...
Listing provided courtesy of RealHome Services and Solution
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$66,000
Beds: 3 | Bath: 2 | Sq Ft: 1224 | Acres: 0.02 | Built: 1964 | MLS ID: SB14131220 | Status: Active
***Short Sale***Two Story Condo In Need Of TLC. Condo Features 3 Bedrooms, 1.5 Bathrooms, & A Spacio...
Listing provided courtesy of Financial Solutions & RE Ntwrk
10 Photos
$68,900
Beds: 2 | Bath: 1 | Sq Ft: 882 | Acres: 0.16 | Built: 1939 | MLS ID: SW14184398 | Status: Active
This Single Family Residence Is A Cozy Home That Sits On A Respectable Sized Lot. This May Be An Op...
Listing provided courtesy of RealHome Services and Solution
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$69,000
Beds: 3 | Bath: 2 | Sq Ft: 1196 | Acres: 0.22 | Built: 2006 | MLS ID: LC14117744 | Status: Backup Offer
Manufactured home on foundation with double lot parcel. No garage, but two (2) asphalt apron drivew...
Listing provided courtesy of Boss Re & Appraisal
10 Photos
$71,020
Beds: 3 | Bath: 1 | Sq Ft: 1629 | Acres: 0.13 | Built: 1945 | MLS ID: IV14168213 | Status: Active
This charming single family residence is located near the intersection of W Mountain view St and S 2...
Listing provided courtesy of REAL HOME SERVICES & SOLUTIONS
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$75,000
Beds: 1 | Bath: 1 | Sq Ft: 737 | Acres: 1.46 | Built: 1979 | MLS ID: PW13186546 | Status: Backup Offer
Approved short sale!!! Move in condition. Laminate floors throughout. Recently painted interior and ...
Listing provided courtesy of Modern Realty Co.
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CRMLS is current as of 9/2/2014.