With the majority of sales being Short Sales and Foreclosures in our current market I thought I’d explain a little about each one and some of the pros and cons.
There are upsides and downsides to each, for example:
Buying a Foreclosed home- (Bank owned, REO, etc)
When you are buying a foreclosure there are usually bank required addenda/contracts that will be utilized when buying which sometimes scare would be home buyers. They are not to be feared if you understand what is required of you, and the terms they contain, but if you are fearful it’s always good to have your attorney review them BEFORE you sign.
