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All information should be verified by the recipient and none is guaranteed as accurate by ARMLS. |
Here is a list of definitions often used to describe Distressed Properties.
Definitions
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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. |
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Pre-Foreclosure |
The owner is attempting to sell the property during the pre-foreclosure period, before the foreclosure can be completed. The term pre-foreclosure or preforeclosure is that period between when the lender files a foreclosure notice of default in the public records (Lis Pendens) and the date the property is to be sold at public auction or trustee's sale.
Often lenders are taking back properties instead of holding the public auction or trustee's sale. |
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Lender Owned |
Lender owned is just what it sounds like. Also called REO, which means real estate owned, or bank owned. |
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