Foreclosures and Short Sales: A Comparison
A buyer’s guide to the difference between foreclosures and short sales.
Now that the number of real estate owned (REO) foreclosures are rising, many people are interested in the opportunities they present. However, foreclosure is a term that’s often confused with short sales. What are the differences between the two?
In a nutshell, short sales mean the lendee isn’t up to date with their mortgage payments, but the home isn’t foreclosed yet. While they’re working out a deal with the lender, you can make an offer with the bank for less than what the mortgage is. The process can be longer, but it can be a fantastic deal. An REO foreclosure, on the other hand, could be a corporation or a bank-owned property.
"The process of purchasing short sales can be longer than the usual transaction, but it can be a fantastic deal."
If you’re interested in buying an REO foreclosure or a short sale, you can click this link, insert your information, and identify the area where you want to purchase. One of our experts can show you the properties that are available in your selected area.
The lowest number of short sale properties we had was 55, with asking prices ranging from $167,000 to $1,200,000, while the lowest for bank-owned properties in the Fort Pierce to Okeechobee area was at 128, with asking prices ranging from $89,000 to $2,200,000.
I hope you take advantage of this opportunity. If you have any questions about this topic, please call or email me. I’d love to be your real estate consultant.