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Today's Seattle Area Foreclosures For Sale, or Request a Custom
List of Foreclosures Based on Your Criteria:
What
is a Short Sale?
A
short sale is when the seller of a home sells at a price that
is less than what they owe on the mortgage
Example:
Joe owes ABC Bank $300,000 on his mortgage. Joe's house is
only worth $250,000 and he wants to sell. Joe will have to
do a "short sale". The bank will have to approve
Joe's sale, since they will lose money.
What
is a foreclosure?
A
foreclosure is a general term. It means that a home is being
taken back by a bank for non-payment of a mortgage. This could
be a home at an auction, or a bank-owned, REO (real estate
owned) home that is listed on the MLS.
What
is a bank-owned home?
Bank-owned
homes are usually homes that were foreclosed on and then put
back on the market. If they are listed on the MLS, they can
be purchased by regular buyers, with a few changes in contract
addenda, timelines, and repair issues. Consult a real estate
broker for help.
What
is a foreclosure auction?
A
foreclosure auction is when a home is sold, usually to investors
or banks after being foreclosed upon. These auctions sometimes
require cash purchases, and always require lots of research
of title and liens. Foreclosure auctions are not for the timid,
nor the green first time buyer.
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