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