Bank owned properties and “short sales” can present buying opportunities. Be aware though that purchasing these types of properties will require additional approvals from the property owner’s lender(s), and therefore often lengthen and complicate the transaction process.
The legal process by which a lender or creditor exercises its legal rights to sell the property which was security for its loan at public auction and the owner’s rights are terminated. Bank Owned Properties are those properties where the property was acquired by the former owner’s lender after such an auction.
A “short sale” is a real estate transaction in which the sales price is insufficient to pay the loans(s) encumbering the property, in addition to the costs of sale, and the seller is unable to pay the difference. The approval of the seller’s lender(s) is required for the sale to proceed.
Realtor Lisa Bayless specializes in Tucson Catalina Foothills, Oro Valley and Marana real estate sales.