Remove Development Remove Inspection Remove Short sale
article thumbnail

Definitions for Deal-Seeking Buyers: Short Sales, Foreclosures, and REO Homes

HomeLight

You may have heard that short sales, foreclosures, or bank-owned properties offer great opportunities for a steal , but what do these different terms mean, and how does the homebuying transaction work for each? What’s the difference between buying a short sale vs. a foreclosure, and where can the best deals be had?

article thumbnail

Hit Them With Your Best Shot: How Much to Offer on a Short Sale

HomeLight

But what if it’s a different kind of sale … for example, how much should you offer on a short sale? Enter the short sale : a solution for the seller, and a special opportunity for a buyer. What’s a short sale? Short sales are unique because they require the approval of the seller’s lender.

Insiders

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

article thumbnail

Buying Foreclosed Homes for Dummies in 11 Steps Even You (Yes, You!) Can Do

HomeLight

A short sale is a type of preforeclosure; when a homeowner stops making payments on their mortgage and owes more on the home than the house is worth in the current market, then they will need to sell the house for less than they owe, and the lender will be “short” on the amount of money they accept in the sale (hence the name).

article thumbnail

How to Buy a Foreclosed Home: The Ultimate Step-by-Step Guide

Redfin

There are several types of foreclosure sales – auctions, bank-owned properties, government-owned properties, preforeclosures, and short sales. Auctions The most common type of foreclosure sale is by an auction. That means there’s no home inspection or appraisal. What is foreclosure?

article thumbnail

How to Find Cheap Houses for Sale

Realty Biz

Look at Short Sales or Foreclosures When the owner fails to pay their mortgage, the lender can take back the property and evict the occupants. With the house vacant, they can put it up for sale on the market. In addition, you can only inspect the property after winning the auction.

Sales 120
article thumbnail

Should You Flip a House in 2023? Well, It Depends

HomeLight

Typically, they buy distressed properties — either short sales, foreclosures, or homes that need significant work — fix them up, and sell them for big bucks. Home inspection fees. Develop your budget. Since flippers don’t have a crystal ball to see the future, the industry has developed the 70% rule. Closing costs.

article thumbnail

Buying a House Online? How to Get it Done in 15 Steps

HomeLight

Local agents also know the housing stock in the area — including which builders built which local developments, the common issues in their homes over time, or the most desirable new areas. When it’s time for the inspection, they’ll reassure you that a damp basement is normal for the town, or tell you to get it checked out by a professional.