Main Page | Foreclosures | Bank Owned | Short Sales | REO – Real Estate Owned | BPO – Brokers Price Opinion | Rent to Own | Land Contract

 

Foreclosure

What is a foreclosure? A foreclosure is a legal process for a bank / lender to get the property back from a property owner who is in breach of his contract with them.  Foreclosed homes have become very common since 2005.  The banks many times try to have a foreclosure auctioned where individuals bid on the property.  Many times it does not sell so the lender bids it back themselves.  At his point the foreclosure property becomes Bank Owned also known as REO – Real Estate Owned and is most likely listed with a Realtor in the near future. More information on Foreclosures & Foreclosed Homes.

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Bank Owned

What is Bank Owned property? Bank owned in terms of real estate is when a home or property has been officially foreclosed on through the court of law and is now back in sole ownership of the bank / lender. A Bank owned property is the same thing as REO – Real Estate Owned. More information on Bank Owned Properties.

 

 

REO – Real Estate Owned

What is a REO property? What is REO foreclosure? REO – Real Estate Owned in terms of real estate is when a home or property has been officially foreclosed on through the court of law and is now back in sole ownership of the bank / lender. A REO aka Real Estate Owned property is the same thing as Bank Owned. More information on Real Estate Owned.

 

Short Sale

What is a Short Sale? A Short Sale in Real Estate terms is when a property owner and a bank / lender agree on selling the property, most of the time a home, for less then what the owner still owes on the loan.  This normally is a desperation move by both home owner and mortgage company before moving forward with a foreclosure. Stocks also can be sold short. More information on Real Estate Short Sales.

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BPO – Broker Price Opinion

What is BPO in Real Estate? What is are BPO services? A BPO – Brokers Price Opinion is similar to A CMA – Comparative Market Analysis where a real estate agent or realtor estimates the value of a property in a given area by looking at sold and active property in a local real estate market.  A CMA is normally performed directly for a home / property owner by a real estate agent.  A BPO on the other hand is performed for a Bank / Lender first hand but is most likely performed for a BPO company that has been outsourced by the mortgage company.  More information on BPO – Broker Price Opinion.

 

Rent to Own

What is Rent to Own?  A rent to own would be when a home owner wishes to sell his property to the person renting it.  Usually the Renter pays normal rent Plus additional money to be escrowed towards the down payment when they purchase the property.  Sometimes both the landlord and the tenants contribute to this fund.  This is actually an offer to purchase the home with the terms presented and agreed on and the closing date agreed on.  Final purchase could be through a bank or even by land contract once the down payment is sufficient.  This is many times done when there is difficulty in obtaining immediate financing through a bank or when the Buyer does not have enough down payment. More information on Rent to Own.

 

Land Contract

What is a Land Contract? A land contract is a loan through the property owner and not a bank or lender.  It is also called Contract for Deed.  More information on Land Contracts.

Main Page | Foreclosures | Bank Owned | Short Sales | REO – Real Estate Owned | BPO – Brokers Price Opinion | Rent to Own | Land Contract

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