Comments on: What’s the difference between a regular foreclosure and an REO foreclosure? http://www.jjrealestatebg.com/usa-real-estate/whats-the-difference-between-a-regular-foreclosure-and-an-reo-foreclosure Pure Real Estate Fri, 27 Mar 2009 10:53:13 +0000 hourly 1 http://wordpress.org/?v=3.0.3 By: Dawni Do Right http://www.jjrealestatebg.com/usa-real-estate/whats-the-difference-between-a-regular-foreclosure-and-an-reo-foreclosure/comment-page-1#comment-644 Dawni Do Right Sun, 18 Jan 2009 21:31:45 +0000 http://www.jjrealestatebg.com/usa-real-estate/whats-the-difference-between-a-regular-foreclosure-and-an-reo-foreclosure#comment-644 Step 3 ~ REO = Bank has already foreclosed on the home Step 2 ~ County Foreclosure Auctions = Could be tax foreclosure or home that bank will be there to be the highest bidder on a home loan default. Step 1 ~ Short Sale = Pre-foreclosure (Buy from Seller where their bank approves a short payoff on their home loan) Foreclosure auctions are the absolute riskiest way to buy a home. You are not provided with clear title unless you pay for one prior to attending the auction. Could also have tax liens, utility (water & sewer) liens, materialmen/mechanic liens (contractor), unpaid HOA fees, etc. Also, you may not be afforded the opportunity to inspect a home prior to bidding on it at auction. Could be a big nasty bucket of worms. Buy at Step 1 or 3, never Step 2 unless you are an experienced and seasoned foreclosure investor. Step 3 ~ REO = Bank has already foreclosed on the home

Step 2 ~ County Foreclosure Auctions = Could be tax foreclosure or home that bank will be there to be the highest bidder on a home loan default.

Step 1 ~ Short Sale = Pre-foreclosure (Buy from Seller where their bank approves a short payoff on their home loan)

Foreclosure auctions are the absolute riskiest way to buy a home. You are not provided with clear title unless you pay for one prior to attending the auction. Could also have tax liens, utility (water & sewer) liens, materialmen/mechanic liens (contractor), unpaid HOA fees, etc.

Also, you may not be afforded the opportunity to inspect a home prior to bidding on it at auction. Could be a big nasty bucket of worms.

Buy at Step 1 or 3, never Step 2 unless you are an experienced and seasoned foreclosure investor.

]]> By: flashinvestments http://www.jjrealestatebg.com/usa-real-estate/whats-the-difference-between-a-regular-foreclosure-and-an-reo-foreclosure/comment-page-1#comment-643 flashinvestments Sat, 17 Jan 2009 22:24:11 +0000 http://www.jjrealestatebg.com/usa-real-estate/whats-the-difference-between-a-regular-foreclosure-and-an-reo-foreclosure#comment-643 REO means Real Estate Owned (by the bank). It's already been foreclosed on and bought back by the bank. A regular foreclosure is the process leading up to the county auction where the property gets sold. You can buy it before the auction, or AT the auction. If the bank wins the bid at the auction, they get the property and it becomes the REO. REO means Real Estate Owned (by the bank). It’s already been foreclosed on and bought back by the bank.

A regular foreclosure is the process leading up to the county auction where the property gets sold. You can buy it before the auction, or AT the auction. If the bank wins the bid at the auction, they get the property and it becomes the REO.

]]> By: Big Deal Maker http://www.jjrealestatebg.com/usa-real-estate/whats-the-difference-between-a-regular-foreclosure-and-an-reo-foreclosure/comment-page-1#comment-642 Big Deal Maker Sat, 17 Jan 2009 11:44:40 +0000 http://www.jjrealestatebg.com/usa-real-estate/whats-the-difference-between-a-regular-foreclosure-and-an-reo-foreclosure#comment-642 As the first answered your question well. A foreclosure can be paid off by the current homeowners if they wish. A Real Estate Owned foreclosure is already owned by the lender it has been thru the foreclosure process. You can buy a home at any time thru the process of a home sale. Want to buy a home. Before it goes into a full blown foreclosure buy it from the current owners. You will assume there current payments and continue the payments to the bank. They do not care where the money comes from. If they call you and tell you that you can not assume the loan tell them that is fine and you will just refinance on the current loan and they will lose even more money. As the first answered your question well.
A foreclosure can be paid off by the current homeowners if they wish.
A Real Estate Owned foreclosure is already owned by the lender it has been thru the foreclosure process.
You can buy a home at any time thru the process of a home sale.
Want to buy a home. Before it goes into a full blown foreclosure buy it from the current owners. You will assume there current payments and continue the payments to the bank. They do not care where the money comes from. If they call you and tell you that you can not assume the loan tell them that is fine and you will just refinance on the current loan and they will lose even more money.

]]> By: fourofsix2003 http://www.jjrealestatebg.com/usa-real-estate/whats-the-difference-between-a-regular-foreclosure-and-an-reo-foreclosure/comment-page-1#comment-641 fourofsix2003 Thu, 15 Jan 2009 02:49:51 +0000 http://www.jjrealestatebg.com/usa-real-estate/whats-the-difference-between-a-regular-foreclosure-and-an-reo-foreclosure#comment-641 real estate owned properties can be financed when bought,auction properties cannot.bank/reo properties can usually be bought for a little above or even below ,because the banks dont like to carry them,pay the insurance etc,so they want to unload them asap. real estate owned properties can be financed when bought,auction properties cannot.bank/reo properties can usually be bought for a little above or even below ,because the banks dont like to carry them,pay the insurance etc,so they want to unload them asap.

]]> By: Luv2Answer http://www.jjrealestatebg.com/usa-real-estate/whats-the-difference-between-a-regular-foreclosure-and-an-reo-foreclosure/comment-page-1#comment-640 Luv2Answer Tue, 13 Jan 2009 08:04:03 +0000 http://www.jjrealestatebg.com/usa-real-estate/whats-the-difference-between-a-regular-foreclosure-and-an-reo-foreclosure#comment-640 In a foreclosure the property is still owned by the person who is losing it, also called a REPO. In a REO the property is now owned by the bank who held the mortgage and is ready to be sold again. In a foreclosure the property is still owned by the person who is losing it, also called a REPO. In a REO the property is now owned by the bank who held the mortgage and is ready to be sold again.

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