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What are the basic differences between these terms we hear very often these days?
SHORT SALE
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FORECLOSURE
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Seller is asking the Bank to accept a price that is less than what is owed. |
Bank has already repossessed the property. |
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The Bank usually take months to accept many competitive offers |
The Bank usually answers within a week of an offer. |
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RAMIFICATIONS
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RAMIFICATIONS
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Buyers – don’t be fooled by extraordinary low prices. This is often used to just attract more bids. Sellers - check with your CPA or Attorney for Tax and Credit Implications. |
Buyers - watch out for unpaid Tax Liens, unpaid homeowners dues etc and get a thorough Home Inspection. |
As of February 15, 2009 the LA Times are producing a series of articles on the above issues, more definitions and detail –
click for LA TIMES article.
I have recently returned from my visiting my parents in Surrey, England. My parents are fine but like
America, England's economic activity has greatly slowed and (Real) Estate agents are struggling and even going out of business. Sales are still happening here in California and fortunately I have not seen news this bad for U.S. agents. I for one have enjoyed some activity recently and for people who can afford it they are some very low prices in Santa Clarita.