Are you looking for a short sale, fixer-upper, foreclosure, REO, or other real estate bargain?
Please Contact Lynn to set up your bargain property search ! It will be specific to your neighborhood, price, and your expectations.
We also want to keep you, as the buyer, informed about potential pitfalls, check back for updated news. Click here, Buyers Beware
Bargain Properties Defined:
Estate Sale: A liquidation sale of materials owned by a person who is recently deceased, or who must dispose of his real estate or personal property to facilitate a move.
Short Sale: A sale of a house in which the proceeds fall short of what the owner still owes on the mortgage. Many lenders will agree to accept the proceeds of a short sale and forgive the rest of what is owed on the mortgage when the owner cannot make the mortgage payments. By accepting a short sale, the lender can avoid a lengthy and costly foreclosure, and the owner is able to pay off the loan for less than what is owed.
Foreclosed Property: Bank owned property occurs in one of two ways. 1. Using a “deed in lieu of foreclosure,” the bank claims the title and possession of the property back in full satisfaction of a debt, usually on contract. 2. In the proceeding simply known as foresclosure (or, perhaps, distinguished as “judicial foreclosure”), the property is exposed to auction by the county sheriff or some other officer of the court.
REO: When a lender takes ownership of a property as a result of the foreclosure process, the lender then calls the property an REO, which stands for “Real Estate Owned.”
Fixer-Upper: A property that needs renovation, redesign, or rehab. Many times it is not ready for move in until after the completion of design and construction. Click here to Ask about our info and preferred lender for 203k FHA loans
Motivated Seller: A property that has a motivated seller will typically have that stated in the description of the listing. A motivated seller allows their real estate agent to promote the property for a quick sale and typically the price is 5% -10% less than the market value.
