Pre-defined Keywords for 'Ultimate Search'

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.


Definitions

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.

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.

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.