Welcome to the Indra-Group.com Blog

2010-11-22 15:02:20
Short Sale vs. Bank-owned REO?

What's the difference between a Short Sale vs. a Bank-Owned REO?


A Short Sale is the sale of a home in which the seller's mortgage lender agrees to accept a payoff of less than the balance due on the loan(s). The process starts when a seller who is behind on their payments attempts to sell their home before the bank takes the property through foreclosure. To do this, the Real Estate agent negotiates with the bank to agree to sell the home for less than what is owned on the property.


REO stand for 'Real Estate Owned', and is another way to refer to a 'bank owned' property. This property that the bank has taken back through foreclosure and failed to sell at the trustee sale. These properties area also known as Bank 'Repos.'


With a Short Sale, the homeowner is still technincally the owner of the property and must agree to sale terms in addition to the bank approving the deal. In a short sale, the seller is typically living in the property and will issue all standard transfer disclosure statements.

Short Sales take much longer than REO to obtain an approval from the lender and to complete the escrow.With a Bank Owned REO, the bank is the owner and makes all decisions regarding the sale. They typically sell the property 'as is' and with minimal disclosures. REO properties are vacant and once a deal is agreed to, the sale take place quickly.


To dicuss the difference between a short sale or REO bank owned property, please contact us!

This article was provided by our affliate title company, California Title

Interested in finding REOS, foreclosures, and banked owned property in North County SD? The foreclosure inventory has dried up, but every once in awhile one trickles on the market. Here are link to each area, you may seach each area to find foreclosures here: 

Oceanside foreclosures

Carlsbad foreclosures

Encinitas foreclosures

Cardiff foreclosures

Rancho Santa Fe foreclosures

La Jolla foreclosures

 
Blog Archive
2017-09-06 15:28:17
GEEK-OUT on San Diego Monthly Housing Statistics

2017-08-29 13:25:30
INDRA REAL ESTATE GROUP STARTS A BUSINESS MIXER!

2017-08-02 10:36:10
Windward Mist New Construction in Oceanside, CA

2017-04-13 17:20:14
Sunset Event at 35501 Camino Capistrano | Dana Poi

2017-03-23 13:49:58
SUCCESSFUL Selling in San Diego!

2017-03-07 10:52:04
MARCH - Buying Season with The INDRA Group

2017-02-15 08:31:37
Featured Article Devoted Duos - Melia and Oliver I

2016-10-01 12:40:23
The untold Truth about Luxury Auctions!

2016-09-27 12:07:53
Baby Boomers vs. Millennials on Housing Market

2016-08-18 10:13:28
INDRA Group Beach Day 2016

2016-06-28 07:52:16
Why are Homes in Rancho Santa Fe Not Selling?

2016-05-13 14:05:19
Tips for Relaxing During a Move to San Diego

2016-04-21 11:04:50
Oceanside Real Estate is in demand!

2016-03-31 13:36:33
Events in San Diego April 2016

2016-03-04 12:16:34
Home Buyers Have Many Concerns and How To Overcome

2016-02-21 09:22:12
ESPN 1700 AM Pelican Development and INDRA Real Es

2016-02-10 14:17:36
CRYSTAL SANDS LUXURY CONDOS in Oceanside

2016-01-29 09:11:03
Ronald McDonald Dream House Raffle

2016-01-29 09:03:24
Top 6 Home Buyer Concerns: Mortgage Rates Increas

2016-01-20 13:00:20
Grundstueck in Schaan zum Verkauf

2016-01-13 13:13:15
Top 6 Home Buyer Concerns: Aren't Enough Homes

2016-01-13 12:38:21
Encinitas Real Estate Stats Week 1

2016-01-04 16:25:00
To Stage Your Home Or Not To Stage....

2015-12-10 06:47:36
Rancho Santa Fe Market Summary

2015-12-09 20:08:14
Top 6 Home Buyer Concerns: I Need To Sell First

Click here to see ALL articles.


Comment on this Article

Your Name:
Your Email:
Comments:
Verify:  Please enter the numbers shown to help eliminate spam.