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WHAT IS A BANK OWNED FORECLOSURE PROPERTY?

This is a property that has reverted back to the lender after the previous homeowner defaulted on the mortgage. The listing price is set by the bank according to recent value appraisal. These properties are listed for sale by realtors engaged by the bank and are published to the Multiple Listing Service (MLS). Bank owned foreclosures are also called REOs, which stands for Real Estate Owned.

WHAT IS A SHORT SALE?

This is a property offered for sale before foreclosure. If proceeds from the sale aren't enough to fully repay the loan, this is referred to as a "Short Sale".

The "short" in short sale actually refers to the fact that the payoff amount agreed to in the transaction is "shorter" than the mortgage balance on the property. Simply put, there is more owed on the home than it will sell for. The listing price is usually set by the listing agent who then markets the home by putting it onto the MLS. An offered purchase price is presented to the bank after a prospective buyer submits an offer.The bank may or may not agree to the offered price.

BANK OWNED FORECLOSURES BY CITY & ZIP CODE:

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Russ Lyon Sotheby's International Realty
34305 N Scottsdale Rd • Scottsdale, AZ 85266
• Lara 480.502.7875
Fax: 480.624.3641