Saving Money with Foreclosed Property

Purchasing distressed property (a home or property that has been foreclosed, a property that is at short sale, or REO property) is a great way to save money on the purchase of your next home--or even your next money-making investment cabin. We've been working with foreclosures for a very long time, and we're more than happy to help you find the best home for your dollars.

What Are Foreclosures, Short Sales, and REO Properties?

• Foreclosed property:  Foreclosed property is property that is at public auction because payments have not been met, and the lender has exercised the right to possess the property.

• Short sale property: Short sale property is property that is in foreclosure but before the property goes to public auction.  Under a short sale, a lender may agree to accept less than the amount that is owed on the property.

• Real Estate Owned (REO) property: In the real estate industry, this term means that the mortgage company or lender owns the property.  Purchasing an REO property is similar to buying a short sale property, except the property is already owned by the lender.

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