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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19 Photos
$100
Bath: 1 | Sq Ft: 471 | Acres: 0.02 | Built: 1974 | MLS ID: OC15226692 | Status: Backup Offer
Incredible opportunity to live in south Orange County. Resort style senior living in the Laguna Wood...
Listing provided courtesy of Vernazza Realty Inc
$900
Acres: 0.05 | MLS ID: 215036610DA | Status: Active
Desert Aire Rv Resort, RV lot34 with all utilities hookup. Each lot has a storage unit for use. Max...
Listing provided courtesy of Power Brokers International
$900
Acres: 0.05 | MLS ID: 215037792DA | Status: Active
Desert Aire Rv Resort, RV lot34 with all utilities hookup. Each lot has a storage unit for use. Max...
Listing provided courtesy of Power Brokers International
$900
Acres: 0.05 | MLS ID: 215036624DA | Status: Active
Desert Aire Rv Resort, RV lot 200 with all utilities hookup. Each lot has a storage unit for use. M...
Listing provided courtesy of Power Brokers International
$900
Acres: 0.05 | MLS ID: 215036626DA | Status: Active
Desert Aire Rv Resort, RV lot 304 with all utilities hookup. Each lot has a storage unit for use. M...
Listing provided courtesy of Power Brokers International
$900
Acres: 0.05 | MLS ID: 215036620DA | Status: Active
Desert Aire Rv Resort, RV lot58 with all utilities hookup. Each lot has a storage unit for use. Max...
Listing provided courtesy of Power Brokers International
$900
Acres: 0.05 | MLS ID: 215036622DA | Status: Active
Desert Aire Rv Resort, RV lot 132 with all utilities hookup. Each lot has a storage unit for use. M...
Listing provided courtesy of Power Brokers International
$900
Acres: 0.05 | MLS ID: 215036614DA | Status: Active
Desert Aire Rv Resort, RV lot35 with all utilities hookup. Each lot has a storage unit for use. Max...
Listing provided courtesy of Power Brokers International
$900
Acres: 0.05 | MLS ID: 215036616DA | Status: Active
Desert Aire Rv Resort, RV lot44 with all utilities hookup. Each lot has a storage unit for use. Max...
Listing provided courtesy of Power Brokers International
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$2,500
Beds: 1 | Bath: 1 | Sq Ft: 561 | Acres: 0.02 | Built: 1974 | MLS ID: OC15229651 | Status: Backup Offer
Incredible opportunity to live in south Orange County. Resort style senior living. Laguna Woods Vil...
Listing provided courtesy of Vernazza Realty Inc
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$4,500
Acres: 1.47 | MLS ID: YG14258132 | Status: Active
This is a beautiful wooded parcel on the corner of Rough & Ready and Rescue. Owner lives too far awa...
Listing provided courtesy of R.E.Huber Realty
$6,998
Acres: 0.13 | MLS ID: 215014400DA | Status: Active
Conner Lot in Cabazon CA.
Listing provided courtesy of Bona Fide Realty Group
$6,998
Acres: 0.13 | MLS ID: 215014524DA | Status: Active
Cabazon Lot
Listing provided courtesy of Bona Fide Realty Group
$6,998
Acres: 0.13 | MLS ID: 215014526DA | Status: Active
Cabazon Lot
Listing provided courtesy of Bona Fide Realty Group
4 Photos
$12,500
Acres: 1.91 | MLS ID: EV15068042 | Status: Active
Nice level parcel of land, electric at the site. This is a well, septic and propane area - buyer to ...
Listing provided courtesy of CROWN REALTY SERVICES
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$14,500
Beds: 2 | Bath: 2 | Sq Ft: 1383 | Acres: 0.59 | Built: 1985 | MLS ID: 216000161DA | Status: Active
Great opportunity to obtain an inexpensive 1/4 share in beautiful condo in the best location in the ...
Listing provided courtesy of Keller Williams Realty
$20,000
Acres: 0.94 | MLS ID: 215035114DA | Status: Active
Vacant land sold in its present condition. Buyer to verify.
Listing provided courtesy of Desert First R.E.
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$24,900
Acres: 0.13 | MLS ID: DW14045811 | Status: Active
We are please to offer two hillside residential Lots in the Los Angeles Neighborhood of El Sereno. T...
Listing provided courtesy of Rico Realty
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$25,000
Acres: 0.19 | MLS ID: CV15055368 | Status: Active
Come build your dream home on this wonderful channel lot located on a Cul-de-Sac on the North Lake. ...
Listing provided courtesy of SHEAR REALTY
$29,000
Acres: 0.52 | MLS ID: 41399152PS | Status: Active
This is a great buildable piece of Land, zoned for 4 units. Water and Power are just down the street...
Listing provided courtesy of Sharon Rose Realty
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CACRMLS is current as of 2/7/2016.