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Traditional, REO, HUD, Short Sale, Flip What do these terms mean to you if you are considering buying or selling a home in the Valley today? They will impact every sale in every area of the Valley no matter what your position may be!
Traditional – a ‘real’ Seller that will typically make a profit when selling the property
REO – Real Estate Owned – these properties are owned by banks/Fannie Mae, Freddie Mac and are sold with additional contract documents required by the Sellers to convey the property. Expect Property will be sold ‘as-is’
HUD- Owned by Housing and Urban Development These properties are sold through a bidding process online. These were FHA loans that were foreclosed.
VA Owned by the Veteran’s Administration for a VA loan that was foreclosed.
Short Sale A Seller selling the property for less than what is owed to the bank(s). Lender(s) must approve the short sale price
Flip A property owned by an investor that has purchase the home directly from the bank, through a trustee sale or other sale. Investor may have done some to much renovations and is reselling the property. It is important to know how long the investor has owned the property as the amount of resale will impact what loans a buyer can use to purchase a ‘flip’ home and how soon it can be flipped.