What is a Foreclosure Property?

When a homeowner defaults by failing to make payments on his or her mortgage, the bank or financial institution that holds the mortgage note may foreclose on the property.

Foreclosure gives the legal ownership of a property to the bank to allow the bank to recoup its investment. These are also known as bank-owned or REO properties (Real Estate Owned by the lender).

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What is a Short Sale?

A short sale refers to the sale of a property in which the sale price is insufficient to pay off all encumbrances and pay the expenses of sale.

If the lender is convinced that the owner, for various reasons, is unable to continue making the payments the lender will often agree to take less than the full amount owed to allow the sale to close escrow.

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