Buyers

REO/Short Sale/Foreclosure Info

REO vs. FORECLOSURE

Quick Facts: Buying Property at Foreclosure Auction/Sale

• You must pay with cash in hand
• You must pay at least the loan balance + any interest + other fees accumulated during the foreclosure process.
• You’ll receive the property 100% “as is” including existing liens and even current occupants that need to be evicted.

BUYING REO PROPERTIES

REO stands for “Real Estate Owned.” REOs are properties that did not find a buyer during the foreclosure auction. Buying an REO is a much “cleaner” and attractive transaction, in contrast to purchasing a property at the foreclosure auction, because the bank will see to the removal of tax liens, evict occupants if needed, and generally prepare for the issuance of a title insurance policy to the buyer at closing.

Prospective REO buyers must be aware that REO’s may be exempt from normal disclosure requirements. In California, for example, banks are exempt from giving a Transfer Disclosure Statement, a document that normally requires sellers to tell you about any defects they are aware of.

Modern Realty maintains the #1 REO sales record in Southern California for excellence in identifying and securing high-value REO properties for our customers. We look forward to helping you in your investment efforts as well – please select the below option for your complimentary list of REO properties.

Free REO List: Click Here

SHORT SALE

Investors that pursue short sales often find amazing bargains, as the price paid for short sales is generally much lower than the current property value. Modern Realty has over 30 years of experience processing short sales in Southern California and is experiencing record demand for loss mitigation services.

Whether you are an astute investor seeking discounted commercial and residential properties, or just looking for a new place to live, Modern Realty’s qualified Short Sale Specialists will be able to answer all of your questions and present you with great opportunities today.

If you would like to receive information on our Short Sales, or schedule a professional consultation to match our short sale properties with your needs, Contact our Distressed Homeowners Specialist Team: Click Here)