• 1st Thing You Should Know About Buying Foreclosures in Gilbert, Arizona

    October 15, 2011

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    Posted in: arizona home buyers

     

     

    In the coming days, I’ll be writing a series about Foreclosures that will ultimately be condensed into one blog post called “Things You Should Know About Buying a Foreclosure.”  Here’s the first in the series:

    • Terminology – The word Foreclosures is one of several terms used to describe foreclosed properties, and they all mean the same thing.  Foreclosures = REO = Bank Owned = Lender Owned.  All of these terms refer to residential properties that are now owned by any of a variety of lenders or lending-related entities.

    A Foreclosure might be owned by Fannie Mae, Freddie Mac, Bank of America, Wells Fargo, Chase, Desert Schools Credit Union or any of thousands of smaller banks, credit unions or loan servicing companies, and any reference to a bank, lender or asset manager is referring to one of the foregoing entities.

    Just be aware that the foreclosure process has been completed on Foreclosures, and that the ‘bank’ is now the legal owner of record, which also means the ‘bank’ is in fact the seller of the property.

    NOTE:  Any time you see the following terms, be aware and informed that they are NOT the same as Foreclosures:  pre-foreclosure, short sale, probate/estate sale, relo/corporate approval required, court approval required, regular sale or traditional listing.  If you have any doubt about the type or category of property that any listing includes, be sure to double-check with the real estate professional (Buyer’s Agent) that’s assisting and representing you.

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