Definitions of Short Sales & REOs

An REO property is a “Real Estate Owned” property meaning that the bank or lender has taken possession of the home after the foreclosure process. This means the bank owns the property and the property did not sale at auction. Click here for more information about a Foreclosure or REO.

A Short Sale is a property that is being sold for less than is owed. The bank or the lender forgives the additional debt and is “shorted” in the process. Click here for more information about Short Sales.