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ABOUT USForeclosure is a process that begins when a borrower fails to make their mortgage payments. When a home is foreclosed upon, the lender typically repossesses and attempts to sell the house.
REO properties can be a wise investment choice for several reasons: Discounted Prices: Investors can often get these properties below market value. No Outstanding Taxes: REO properties are usually free from tax liens and other claims.
The most common definition of an REO (Real Estate Owned) is a property that has gone into foreclosure and didn't sell during auction. If the foreclosed home doesn't sell, the ownership defaults to the original bank or lender.
A short sale is when a mortgage lender agrees to accept a mortgage payoff amount less than what is owed in order to facilitate a sale of the property by a financially distressed owner. The lender forgives the remaining balance of the loan.
Short sales can provide a good opportunity for buyers to purchase a home at a bargain price.
New construction refers to structures that are brand new and have never been lived in. The allure of newly constructed homes is quite strong for some people. There are no worn-down parts in need of repair, and everything is shiny and pristine because no one has occupied the home previously.
Appreciation potential is a critical factor in real estate investment. New construction properties tend to have higher initial values.
A listing in real estate allows sellers to show their property is for sale in the real estate market. The information you see on the listing comes from the real estate listing terms agreed on by the owner and the agent authorized to handle the sale of the property.
A lease is a contract between two parties where one party, the lessor, allows the other party, the lessee, use of their property for a period of time in exchange for consideration, usually a monthly sum of money. The original owner ultimately retains possession of the property.
Previously-Owned Properties means each property shown on any Properties Schedule that is no longer owned by any Borrower as of the date hereof (or, with respect to any Additional Borrower, as of the applicable Accession Date).
Renting offers flexibility, predictable monthly expenses, and someone to handle repairs. Homeownership brings intangible benefits, such as a sense of stability and pride of ownership, along with the tangible ones of tax deductions and equity.
Buying a home involves finding the property, securing financing, making an offer, getting a home inspection, and closing on the purchase.
Sale of a Property means to give away a right in a property absolutely and 'Purchase of a property' means to get a right in a property. 'Sale and Purchase' is the most common mode of acquisition of rights to give away and to get a property.
The lease listing agreement is a contract between a property owner and a property manager (or listing broker). This agreement grants the broker the exclusive right or authority to market the property for rent and find suitable tenants.
