RE/MAX Fine Homes - Orange County Real Estate Blog

Short Sale Terms & Timeline

Welcome back from the holidays.  I hope you are geared up to be productive and ready to dive into new adventures.  A common question people ask me is for a short sale timeline. If you are interested in buying or selling short sales you need to know the lingo. Here's a rundown of terms in order of occurrence:

 
Pre Default - owner delinquent on payments
Notice of Default (NOD) 
Forbearance Agreement with Lender - possibility to restructure loan, won't help if owner needs to sell
Short Sale (Pre foreclosure Sale) - buyer has right to inspections & disclosures
Notice of Trustee Sale (NOT) - Trustee sets the sale date 4-5 weeks in advance and publishes Notice of Sale
Trustee Sale - property sold "As Is" could be geo, structural or other problems. Buyer must have all cash.
Real Estate Owned (REO) - competition is heavy, least discounted price

Take a look at my website for more info www.FineHomes4Sale.com

 

 

Comment balloon 0 commentsLee Ann Canaday • January 04 2010 12:41PM
Short Sale Terms & Timeline
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Welcome back from the holidays. I hope you are geared up to be productive and ready to dive into new adventures. A common question people ask me is for a short sale timeline. If you are interested in buying or selling short sales you need to know… more