What are the basic differences between REO properties and Short Sale properties?
Naperville REO Properties are owned by a lending institution, typically a bank. REO is an acronym for "Real Estate Owned" Sometimes REO Properties are referred to as "Bank Owned Homes" as well. Naperville REO properties have been foreclosed and the home owner is completely out of the picture, the home is vacant and often utilities are shut off. Naperville REO properties are being sold by a Realtor contracted by the bank. The banks almost always sell all properties "as is". Often the homes are distressed properties.
A Naperville Short Sale is a pre-foreclosure sale when the home owner (borrower) is still in the picture but owes more than the house is worth In this case the lender is involved because the lender has to agree to the sale price and the loss that they are going to take. There may be some room for inspections and contingencies in the short sale scenario but the bank still has the last word and to get a deal done a buyer must be willing to forgo certain issues. Naperville Short Sales can take a considerable amount of time to purchase. Sometimes there are multiple banks involved and all have to agree to the terms.
Choose a Naperville Real Estate who has experience or knowledge in distressed property can be incredibly useful. These real estate deals are complicated and take knowledge to complete.