A short sale is a sale of real estate in which the proceeds from the sale fall short of the balance owed on a loan secured by the property sold. OR The sale of a house in which the proceeds fall short of what the owner still owes on the mortgage. Many lenders will agree to accept the proceeds of a short sale and forgive the rest of what is owed on the mortgage when the owner cannot make the mortgage payments. ...
REO (Real Estate Owned) is a property that goes back to the mortgage company after an unsuccessful foreclosure auction.
Bank owned homes (reo homes) is a term used for properties that have come under the direct control of a bank as a result of a previous homeowner's default ...
Bank REO - Real Estate owned homes REO is a good way to get a good deal on properties owned by the bank.
