Understanding And Purchasing Distressed Property For Profit
By Jon Klein, Search Parkland Homes for Sale - Parkland FL
(Real Living 1st Choice Realty)
The latest Foreclosure Inventory Analysis showed nearly 1.5 million properties were currently in the foreclosure process or being held by banks as Real Estate Owned. This was up 9 percent from the first quarter of 2012, but down significantly from the apex of foreclosure activity -- 2.2 million units -- in December 2010. What Is a Distressed Property? "Distressed property" is a blanket term for homes in foreclosure, short sale or that are REO (Real Estate Owned). Below are definitions of different types of distressed real estate, so that you can be familiar with the terms. Foreclosure: When a homeowner has defaulted on their mortgage for a specified period of time, the bank takes possession of the real estate. Short Sale: A homeowner facing foreclosure may request a short sale from thei...
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