REO stands for Real Estate Owned, which is a description used by banks to identify real estate on their books, which they own. These properties are MUST SELL properties since the banks can't and don't want to keep because they are in the money business, not the real estate business. They are actually losing money day after day by holding on to these properties, so their priority is to get rid of these homes.
Short Sales: What are they?
A Short Sale is called a short sale because the bank accepts a short pay on the mortgage, meaning they accept less than what is owed on the mortgage. Short Sales are pre-foreclosure homes, where the owner is not able to make the monthly payments, and the bank agrees to accept less than what is owed to them. Short sales turn into REO's when the bank forecloses on the property.
My Elk Grove Blog: Dedicated to Real Estate trends in the Elk Grove area!
You can search the MLS for FREEand find any property that is available in the market. This covers Galt Real Estate, Elk Grove Real Estate, West Sacramento Real Estate, Natomas Real Estate, Roseville Real Estate, Antelope Real Estate, and Greater Sacramento Area. You are welcome to inquire about anything by contacting Arsalon. You can do so by clicking on the "contact me" button on the left or calling him at 916-821-9807.
