Fresno Realtor, Joseph Hollak

Foreclosure vs. REO defined

[audio:http://josephhollak.com/wp-content/uploads/2010/10/Foreclosure.mp3|titles=Foreclosure vs. REO]

KNOW WHEN TO USE THE CORRECT TERM

Do you know the difference between ‘foreclosure’ and ‘REO’ and how to use each term correctly when discussing Fresno real estate?

If not, don’t worry about it, because today, right here, you will learn exactly what you need to in order to use the two terms correctly. You will also recognize when others use the terms incorrectly when describing Fresno real estate.

LET’S BEGIN WITH A COUPLE OF SIMPLIFIED DEFINITIONS

FORECLOSURE is a legal process in which a lender is taking back its interest in a real estate asset from a borrow that has defaulted on the terms of a loan.

On the other hand . . .

REAL ESTATE OWNED (or REO) is a real estate asset owned by the lender that was taken back during the foreclosure process.

You can view and make an offer on a Fresno REO property.

You cannot go and view Fresno foreclosures. Foreclosures are legal proceedings and not physical properties.

CONTACT JOSEPH HOLLAK

If you have specific Fresno real estate questions, or would like to discuss selling your Fresno property, contact Joseph Hollak.

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3 Comments

1. [...] See more here: Foreclosure .vs REO defined by Fresno Realtor Joseph Hollak [...]

   Foreclosure .vs REO defined by Fresno Realtor Joseph Hollak | reoliveTV.com / 13 Oct 2010 / 9:57 AM

2. 

   Helpful blog, bookmarked the website with hopes to read more!

   rocla familia / 21 Oct 2010 / 6:56 AM

3. [...] lenders take over a home through the foreclosure process, they want to sell it as quickly as [...]

   Fresno REO property: 5 tips for Fresno home buyers by Fresno real estate agent, Joseph Hollak / 17 Nov 2010 / 11:30 AM