Parvin Thadani

Broker Associate

Foreclosures & Short Sales

What's the Difference?

A Short Sale occurs when a property owner negotiates with their lender(s) to accept a sale of the property for less than what is still owed on the mortgage(s). This is sometimes called a pre-foreclosure as in many cases, the seller will be facing foreclosure if they are not able to complete the short sale. In these situations the property is sold by the owner, subject to approval by the lender(s).

When a property has already been foreclosed on and is now owned by the lending institution or asset management company, it is referred to as a foreclosure, or REO. The term REO stands for Real Estate Owned and is a term used by lending institutions and asset management companies to refer to real estate they own. These properties are sold directly by the lending institution or asset management company.

In both cases, these properties are usually sold "As-Is" and are referred to as distressed sales. If you're interested in buying a distressed property or selling a short sale, I can help!


Buying a Distressed Property

Distressed properties are often priced competitively and can offer excellent opportunities. However, it important for buyers to be aware that the property is being sold As-Is and that they may incur additional closing costs compared to a traditional sale. Time frame is another consideration - the approval process for a short sale can be time consuming and patience is key. REO properties, in contrast, often close very quickly.

When buying a distressed property, it is important to work with an agent who understands the process and the differences between short sales, REOs, and traditional sales. As a CDPE (Certified Distressed Property Expert), I have the expertise to help you take advantage of the distressed property opportunities available in today's Real Estate market.

Please Contact me for more information!

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Selling a Short Sale

If you are having difficulty making your monthly mortgage payments, it is important to discuss your options with a professional as soon as possible - even if you have not yet missed a payment. Selling your home as a short sale may be one option for you, but your lender may have other options available to help you stay in your home, such as loan modifications.

Short sales often take several months, so if a short sale is your best option, getting the process started as quickly as possible is important. As a CDPE (Certified Distressed Property Expert), I have the expertise to help you market your home as a short sale. I can also recommend an attorney who has experience with short sale negotiations and other service providers for property maintenance issues, etc.

Please Contact me for more information!

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