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If the auction accepts financing, make sure you have a pre-approval ready. If possible, consult a realestate attorney to be sure you understand the realities of the auction and the transaction rules. Bank-owned properties Bank-owned properties, often called realestate-owned (REO) properties, are owned by the lender.
Realestate-owned (REO) properties, also known as bank-owned, are properties that have not sold at a foreclosure auction , and as a result, they are owned by the foreclosing bank. The best way to avoid this scenario is to get pre-approved with the lender selling that property. What Is an REO Property?
Selling a house is rarely easy — but it certainly helps if you’re physically nearby to coordinate repairs, approve paint colors, or pop by during your lunch break to check on things. A skilled realestate agent can guide you through how to sell a house from out of state, providing an elevated level of service. No staging.
Their short sale mortgage is said to be underwater, if they secure a buyer, they must get bank approval to proceed with the sale. In this guide, I cover what is a short sale realestate, its unique sales process, legal considerations, where to find short sale properties, and tips to succeed.
In May 2020, there were 208 properties in San Jose, CA that are in some stage of foreclosure (default, auction or bank-owned) while the number of homes listed for sale on RealtyTrac was 436. Pre Foreclosures. Bank Owned. San Jose RealEstate Investment Overview. Foreclosure Type. Prior Month. Prior Year.
If your clients are concerned about getting approved for a loan, you can remind them that a co-borrower agrees to back the borrower in a mortgage loan. Pre-approval. However, your clients need to know the difference between pre-approval and prequalification (see below). Real-estateowned (REO).
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