Nashville foreclosures are one of the most active areas of real estate right now, and you need and experienced agent to help you navigate the process of purchasing a foreclosure property. Some buyers and agents group all properties that require bank approval together, but short sales and foreclosures are not the same thing, and all foreclosures are not purchased using the same process. Here are most of the types of properties that usually are part of the foreclosure converstion.
HUD Properties are owned by the Housing and Urban Department when the home was sold.
REO Properties are homes that are ownd by a Bank/Investor which they obtained thru the foreclosure process.
Short Sales are definded as a sale where the debt owing against a property combined with the costs associated with the sale exceed the property’s market value. In a loan default situation (pre-foreclosure) , lender(s) may be willing to agree to allow the property to be sold for less than the loan amount and/or accept less than (or “short”) the amount owed, and may or many not accept the net proceeds of sale as payment in full of the debt. Short sale properties are owned by the home owner at the time of the sale.
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(all data current as of 12/3/2023)
Listing information deemed reliable but not guaranteed. Read full disclaimer.