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Reo | Sandy Erickson Real Estate Team Blog

Saturday, October 27, 2018   /   by Client Care Coordinator

Foreclosures and Short Sales Explained

A foreclosure is the forced sale of real estate to pay off a loan on which the owner of the property has defaulted. The seller of a foreclosed property is the bank/lender, so you will be working with a bureaucracy not a home/property owner. A home that has been foreclosed upon and has been taken back by the bank/lender is called an REO (Real Estate Owned) property. If the property is a home, it has typically sat vacant for many months by the time the property is first listed. If the home is listed in the winter, it is usually winterized to protect the property. When the property is listed, the lender has already prepared for the sale and completed the appraisals needed to establish the list price. The purchase price accepted by the lender is determined by the number of offers received and the lender’s motivation.    
A short sale occurs when an owner can not sell their property for enough to cover the mortgage(s). Home owners are usually still living in the prop; ...

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The data relating to real estate for sale on this web site comes in part from the Broker ReciprocitySM Program of the Regional Multiple Listing Service of Minnesota, Inc. Real Estate listings held by brokerage firms other than Sandy Erickson + Brittany Maxwell- Real Estate Team - Realty Group LLC are marked with the Broker ReciprocitySM logo or the Broker ReciprocitySM thumbnail logo (a little black house) and detailed information about them includes the name of the listing brokers.” Listing broker has attempted to offer accurate data, but buyers are advised to confirm all items.” Copyright2022Regional Multiple Listing Service of Minnesota, Inc. All rights reserved. Data last updated May 17, 2022
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