If you are in the market to buy a home, and depending on the housing market conditions in the area you are looking to buy in, you may have considered taking advantage of the possibility of getting a great deal on a distressed property. Similar to other types of housing transactions, understanding your options and real estate terminology when purchasing a distressed property can help you in making the decisions that are right for you. Here are some things to think about:
- What is the difference between a short sale and a bank-owned (REO) property?
- What are the advantages and disadvantages of the purchasing process for either a short sale or REO property?
- Should I buy a distressed property at auction?
- What can a title search reveal about the property I’m interested in?
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