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Distressed Property:
REO - PRE-FORECLOSURE - FORECLOSURE - SHORT SALE

Distressed Property - Property that is in poor physical or financial condition.

Bank Owned / REO - The bank has acquired title (ownership) to the property. The bank is the seller.
REO or “Real Estate Owned” means the same as Bank Owned.

Foreclosure - This is the legal process by which a lien holder acquires the property through court procedures and terminates the borrower's interest. When the process is completed, the lender may sell the property and keep the proceeds to satisfy its mortgage and any legal costs. Any excess proceeds may be used to satisfy other liens or be returned to the borrower. This process can take several months once started and typically does not start until the owner is 2 to 4 months behind in payment.

Pre-Foreclosure - This is commonly the time during the foreclosure process but before the Trustees Sale at on the Courthouse steps. During Pre-Foreclosure a Purchase Offer is negotiated with the defaulting Owner.

Short Sale - When an Owner is in a distressed situation and the Purchase Offer does not satisfy the expenses to sell the home and pay off the mortgage, the seller may request the Bank to take a “short payoff” on the note. Banks will sometimes agree to a Short Sale" if their analysis is that they will incur additional loss as a result of the Foreclosure process and eventual marketing of the property as an REO. Banks are under no obligation to cooperate with a Short Sale and each property and sale is evaluated individually. Short Sales are marketed as needing "Third Party Approval."


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John Thompson, REALTOR Associate - Samson Realty, LLC
"VA Foreclosure Buyer Agent Specialist"
14526 Lee Rd., Suite 100  -  Chantilly, VA 20151
Cell: 703.606.0475  -  Fax: 703.896.5037

REO - Corporate Owned - Bank Owned - Government Owned - Foreclosures - Pre-Foreclosure  - Relocation

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