REAL ESTATE SALES
Real estate sales is your basic seller to buyer sale.
An REO or Real Estate Owned property is a home that’s been through the foreclosure process and is now held by the lending institution. When borrowers default on their monthly mortgage payments, lenders will start foreclosure proceedings beginning with the notice of default, through the pre-foreclosure stage and into the final foreclosure step of the bank taking possession of the home, or REO.
REO homes are often sold by banks at below market values in order to sell quickly. REO homes are expensive for banks to hold because they require maintenance and the bank may have to repay any liens against the property.
REO homes can be a great option for anyone looking to buy a home because of the potential for savings. Being an REO, potential buyers have the ability to see the property and may be able to negotiate the closing costs if financing the purchase through the selling bank. In any case, home buyers should conduct a thorough Neighborhood Search and research local Home Values before making a purchase. (2)
In a short sale, a seller facing the threat of foreclosure enters into an agreement with their mortgage lender to accept a price for the property that’s less than the amount they actually owe on it. The seller makes no profit on the sale but avoids many of the problems that would come from a foreclosure.
With a short sale, sellers avoid having to go through a lengthy foreclosure process and prevent the impact of a foreclosure on their credit score. In a short sale, the seller and the lender work together to determine the details of the agreement, but typically sellers who complete a short sale also avoid owing the balance of the loan.
The biggest advantage to buyers is clearly the prospect of moving into a new property at a great discount. Moreover, buyers may find that short sales have an additional benefit over foreclosures too, since unlike a foreclosure, there’s not much of a risk that the buyer will need to take action to remove the seller from the property.
Of course, mortgage lenders can benefit as well. With a short sale, lenders don’t have to worry about getting involved in a long foreclosure process. More than anything else, lenders want their money back, and they generally want to steer clear of taking responsibility for selling a home. So, a short sale can actually be good for them.
Probate is a judicial process triggered by the death of someone who owned probate property. Probate determines the validity of a Will (or that there is no Will) and the identity of the beneficiaries. If the decedent died without a Will (intestate), then Probate determines the identity of the heirs. Probate has four main components: (1) application process; (2) collecting and managing the assets; (3) paying debts of the estate; and (4) distributing the balance to the beneficiaries. Probate protects the interests of the estate’s beneficiaries and creditors by ensuring the orderly distribution of assets and payment of debts/expenses. Probate typically takes 6 to 9 months from start to finish.(1)
Absentee owners are people that own and rents out a property to a tenant to earn profit but they do not live in the same region of the property. In some cases an absentee owner fails to keep up with the proper maintenance of the property. We understand that managing a property long distance can be difficult. If you are an absentee owner and no longer want to own that property we can help you sell it and get it off your hands.
A property manager is responsible for the maintenance and management of a property. Trying to find the right tenant for your property can be difficult, that is where we come in. As your property manager we will do credit/ background checks on potential tenants, collect rent from current tenants, etc.