Green Group Real Estate
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A foreclosed property – also known as a bank-owned property – is a home that was once customer owned but is now owned by the mortgage holder or bank. A foreclosed property is generally acquired as a result of a foreclosure action on a mortgage or if the property was voluntarily turned back to the lender – referred to as a “deed in lieu of foreclosure.” The investor becomes the legal property owner and offers it for sale to recover the amounts owed to it.
Foreclosure is a fairly well understood process nowadays, but as "short sale" signs pop up, you may wonder what they are all about.
When a lender agrees to accept a mortgage payoff amount that is less than what is owed in order to facilitate a sale of the property by a financially distressed owner, it\'s called a short sale. The lender forgives the remaining balance of the loan. Green Group Real Estate is well-versed in what can be a complex process of buying a foreclosure or short sale home. If you’re interested in buying a Wilsonville foreclosure or Wilsonville short sale, give us a call. We’re here to help!