We added this page because we know there are many people looking for bank-owned properties.  In order to help you make an informed decision we have added this brief glossary of terms.

- Pre-Foreclosures: The owner is trying to sell their property before the bank takes it back.
- Foreclosures: The property will be sold at auction, clear title is not guaranteed, buyer is responsible for all liens.
- REO: Real Estate Owned properties have been taken back by the bank because they did not sell at auction.
- Short Sale: The owner is trying to sell their property for less than what they owe the bank.
- Unapproved Short Sale: The property is listed for sale at a price that the bank has not approved.
- Approved Short Sale:  The bank has agreed to accept the listed price for the property.  This amount is not negotiable.

As you can see, there can be significant risks associated with these types of properties.  We recommend that you stop by our office to discuss all the advantages and disadvantages of purchasing a distressed property.  Thank you.