A Short Sale is the sale of real estate in which the proceeds fall short of the balance owed on the mortgage. Short sales are subject to the Lenders approval.

 

Q:  What is a R.E.O? 

 

R.E.O stand for Real Estate Owned by the Bank. An R.E.O is a property that goes back to the Bank after an unsuccessful Foreclosure Auction.

 

 

A Foreclosure is a legal process in which a creditor regains the property following the default of the mortgage payments.  Foreclosure properties go to Foreclosure Auction.