What is a "short sale?"
A short sale happens when a property is sold for less than the mortgage owed. Property owners must obtain approval from their lender to move forward with a short sale and more times than not, selling the home takes a few weeks longer than in a normal transaction. More questions on this? Ask me.
What is the difference between a short sale and a foreclosure?
In a foreclosure situation, the bank has already repossessed the property and then it typically goes to auction. This is a harder hit on both the previous homeowner (credit-wise) and usually the lender as well (cost-wise). If a property cannot be sold through a short sale, it will eventually become a foreclosure. "REO" stands for bank Real Estate Owned properties, and these are usually foreclosures as well. More questions on this? Ask me.
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