A "Short Sale" is where the Bank/Lender agrees to receive less than the full amount the Owner/Borrower owes in a sale.  If there are multiple loans on the property, it is more difficult to gain Bank/Lender approval.  This is because the Banks/Lenders compete with each other for their share of the proceeds from a sale.  If an agreement cannot be reached between the Banks/Lenders, the home is typically acquired by the senior loan holder in a "Trustee's Sale". 

Sometimes the Owner/Borrower is able to obtain a Loan Modification or Forbearance which can end or delay the foreclosure process.  Forbearance is only temporary and many that receive a Loan Modification become delinquent again.

It is important to understand that only a small fraction of "Short Sales" and Loan Modifications are approved by Banks/Lenders.  This is because many factors are involved in the Owner/Borrower being approved by the Bank/Lender for either. Also, the Owner/Borrower must agree and sign a Short Sale or Loan Modification agreement.

Foreclosed homes are those that have completed the foreclosure process. They are commonly called Bank Owned, but within the industry the term usually used is REO - Real Estate Owned). Since the foreclosure process is over, these Bank Owned homes can typically be purchased within a normal timeframe once listed.

As a Buyer you want to know whether a home listed "For Sale", can actually be purchased and at what price. That is why, we work with our clients to analyze listings and recommend likely homes for consideration based on client needs.

Today, the best homes receive multiple offers. As your REALTOR®, we know how and will work diligently to help you acquire a home.  More than ever, you need an experienced, dedicated professional that is on YOUR side.  Please visit the "Contact Info" and "Info. for Buyers" pages to find out how we can help you.