Archive for the ‘Short Sales and Foreclosures’ Category

Real Estate Terms Defined

Hottest Real Estate Terms Defined

Here is a list of terms we are hearing more and more often today. If you have any questions, and
yes, I do handle Short Sales, REOs and Pre-Foreclosures, just call or email me.

Short Sale – This is the amount of what a property will sell at versus the
amount that is owed on the mortgage. The “shortage” is the difference to pay off the mortgage.
Bottom line, more is owed on the home, than it will sell for. Also called “upside down,” or “under
water” prior to sale.

REOs/Lender Owned – REO or real estate owned, or owned by the bank.