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The current economic recession and housing downturn has caused many families to incur financial hardships throughout the United States of America. Many homeowners have either lost their home to foreclosure or are in the process of losing their homes because they are delinquent in making their mortgage payments. This has created a large inventory of houses for sale that are either bank owned (REO), or in the process of foreclosure, as well as homes that are listed by real estate agents as a “short sale”.

Definitions

Short Sale: A sale of a house in which the proceeds fall short of what the owner still owes on the mortgage. Many lenders will agree to accept the proceeds of a short sale and forgive the rest of what is owed on the mortgage when the owner cannot make the mortgage payments. Short sale properties are listed by real estate brokers and require bank approval either before or after an offer to purchase is made. Search by key words, “Short Sale” or click here.

 

Foreclosure: A situation in which a homeowner is unable to make principal and/or interest payments on his or her mortgage, so the lender, be it a bank or building society, can seize and sell the property as stipulated in the terms of the mortgage contract. Foreclosure is a property currently in default where the lender(bank) has legally initiated foreclosure proceedings. Properties in foreclosure are often offered as short sales for the lender(bank) to avoid having to complete the foreclosure process or hold the property as inventory on their books. Find Foreclosure related homes for sale under a convenient search term of foreclosure defined below.

 

Bank Owned or REO (Real Estate Owned): Property owned by a lender - usually a bank - after an unsuccessful sale at a foreclosure auction. This is common because most of the properties up for sale at these auctions are worth less than the total amount owed to the bank: the minimum bid in most foreclosure auctions equal the outstanding loan amount, the accrued interest and any fees associated with the foreclosure sale. REO is a property that has gone all the way through the foreclosure process and is now owned by the bank. Buyers purchase the home directly from the bank. Normally "REO" homes are listed by real estate brokers who market the property on the mls and HouseHunt.com as Bank Owned Property.

 

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Pre-defined Keywords for ‘Ultimate Search’ at HouseHunt.com

 

Keyword - Ultimate Search is based on keywords found in the listing data which has been written or defined by the listing agent and broker. Please read full property description in the detail listing screen to verify result is accurate.

 

Foreclosure: For purposes of consumer convenience we have included in foreclosure properties that are described by listing agents and brokers as foreclosure, bank owned, short sale and bank repo, even though technically each description is somewhat different than foreclosure. Please read full detail property description in the detail listing screen to verify.