Bank REOs, Foreclosures
When looking for your next home, condo, or property investment, terms you may hear are: Bank-owned, REO, short pay, foreclosure, NOD, pre-foreclosure, trustee sale, auction, probate or a probate requiring court confirmation. relocation. corporate-owned, and equity sale. You may find that there are different types of sellers and/or selling conditions for residential and income real estate.
These properties (except for an equity sale) may also be considered "distressed" properties which require some confirmation from an outside party or authority in order to complete the transaction. They may have already come through a foreclosure action by the lender, or be in a pre-foreclosure state where a Notice of Default (NOD) has been filed.
These are just some of the more common conditions in today's market. For more information on these, please go to the following pages.