Today there are more and more terms to confuse you as you look to buy or sell your home.
REO, Short Sale, Bank Owned, Foreclosure, Tax Credit. Do you know what it all means and how it affects you?
You've decided to buy or sell your home. Is your head spinning with all the ideas, words and concepts?
Here's a quick course in some of today's most common Real Estate Vocabulary.
REO/Bank-owned/Real Estate Owned/Bank-owned Foreclosure - These are all terms that means the bank/lender took the home back from the previous home owner. It is the bank who will selling the home.
Short Sale - This is a term that means the current owner owes more than the home is worth, and the owner is asking the bank to accept less than it is owed when the home is sold. See also
Foreclosure - This is the process that occurs when the bank/lender takes a home back from an owner/borrower who failed to pay their mortgage.
Tax Credit - Under the terms of the new stimulus package, first time buyers are entitled to an $8,000 tax credit. For more information see $8,000 First Time Buyer Tax Credit.
Loan Modification - This occurs when the lender agrees to change the terms of the current loan either by lowering the interest rate, the payment or the principal amount owed. For more information on loan modification, see Is Your Home Fading Away?-Foreclosure Alternatives.
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About the author: Christine Donovan is a California Residential Real Estate Broker with experience in assisting clients buy and sell residential real estate.
For more information about Costa Mesa, please visit Costa Mesa real estate. For more information on Costa Mesa homes or the value of a particular home please visit Costa Mesa home values
Click for a free list of Orange County foreclosures or a free list of Orange County short sales or e-mail Me!
Are you upside down in your home? Is it worth less than you owe? Are you concerned about making your mortgage payment? Contact me at christine@donovanblatt.com or 714-319-9751 to discuss your options.
Want to buy a home or to list your property for sale in Newport Beach, Costa Mesa, Huntington Beach or Orange County? Contact me at christine@donovanblatt.com or 714-319-9751 to learn about her system which will make your buying and selling experience easier.
Click Orange County homes for sale to view all OC homes for sale. Copyright © 2009 by Christine Donovan, All Rights Reserved. Real Estate Vocabulary in Today's World.
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About the author: Christine Donovan is a California Residential Real Estate Broker with experience in assisting clients buy and sell residential real estate.
Are you upside down in your home? Is it worth less than you owe? Are you concerned about making your mortgage payment? For more information see Options to Foreclosures, understanding short sales or contact me at christine@donovanblatt.com to discuss your options.
If you want to buy a home or to list your property for sale, please click Newport Beach homes, Costa Mesa homes, Huntington Beach homes or Orange County homes. Click the link if you are interested in buying a home at a courthouse auction sale.
Contact me at christine@donovanblatt.com or 714-319-9751 to learn about her system which will make your buying and selling experience easier.
Disclaimer: All information in this blog is deemed reliable but is subject to change at any time and is not guaranteed to be accurate nor are there any warantees either express or implied. This blog is not intended to offer any legal, tax or other advice.
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- You may stop doing business with us at any time. You may accept or reject the offer of mortgage assistance we obtain from your lender [or servicer]. If you reject or accept the offer, you do not have to pay us.
- Christine Donovan, DonovanBlatt and Donovan Group are not associated with the government, and our service is not approved by the government or your lender; and
- Even if you accept this offer and use our service, your lender may not agree to change your loan.
Click Orange County homes for sale to view all OC homes for sale.
