Let me introduce myself

As a long time foreclosure specialist in the Twin City metro real estate market I wanted to assist those with questions on the various areas of the foreclosure market.  I will be posting information on short sales, foreclosures, REO properties and procedures and more.  Both for consumers and fellow professionals.  If you have questions on the various processess feel free to ask them here.

 For now a few simple definitions.

 REO-  bank term for a property that has gone through the entire foreclosure process and is now owned by the lender.  It stands for Real Estate Owned.

 Short Sale- a sale of a property where the proceeds are not enough to cover what is owed.  The lender(s) agrees to take less than what is owed as it will cost them less than a full foreclosure.

 Deed in Lieu- this a process by which the lender accepts the property back from the owner rather than foreclose.  This is strictly a voluntary action on the lender's part.  Again, they will determine if it makes more sense to take the property back in this process rather than foreclose.