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http://www.stcharlesilforeclosures.com is an article about buying st charles foreclosures that I transcribed from a video interview. Enjoy. I know it will give you a ton of good info.
Cost of Homeownership
Is at an All Time Low!
Your Next Home Purchase
Is your chance
To Make Money and Gain Equity
So Get The Facts about Foreclosures
Make Your Purchase Count!
"The Foreclosure Video Series"
"St. Charles Area Foreclosure 'Hotlist'"
Debora McKay, Realtor, Coldwell Banker
St. Charles Kane County's
#1 Real Estate Agent and Foreclosure Expert
Debora: Hi, my name is Debora McKay with Coldwell Banker, and I'm making this video to give you some great strategies and insight about buying foreclosed homes.
As a matter of fact, this video is just one of a series that I've made to help you get a great deal on your next home. Whether you're buying your next home to live in, for investment or both, I know that you will get a lot of great information and can save you a ton of money, as well.
I also have Brian O'Dea here, whose expertise is in home financing, right?
Brian: So I'm here, even though Debora has thirteen plus years of experience, and is the No. 1 real estate agent in St. Charles. So many of the common questions that we get and that people have are related to financing. So I'm just here to fill in the gaps in this video series about buying foreclosed homes and distressed properties, and getting a great deal on a house.
So let's get onto the first question in the series. We're making this video series about the benefits of buying a foreclosure and I get this question all the time.
What's the difference between a foreclosure, a bank-owned property, an REO [and] a short sale?
What is the Break it down on a very easy level for everyone to understand, because they think they have all these things and it just makes it so much more complicated than it needs to be
So what's the difference with all these things?
Debora: Well, a short sale is the process where the owner that lives in the home, or that actually owns the home, still owns the home, but they owe more on the home than the home is worth, and they want to negotiate with their bank to take less money to be able to sell it in this market. So they will actually come to the closing owing the bank more money. So the bank agrees to do a short sale.
The REO is properties that usually they're owned by entities. Can be a large, vast number of real estate owned properties. Can be throughout the country and it can be just even a couple of entities that own hundreds of these properties.
Brian: So REO doesn't necessarily mean it's owned by a bank.
Debora: No, not necessarily.
Brian: I see.
Debora: It could be just a group of investors that, you know, invested in real estate and now they want to invest elsewhere and they want to dump all these properties.
Brian: Would you group that into the same kind of category these days, in this market, in REO, in a bank-owned property and a foreclosure like being the same kind of, being able to get a great deal? Are you feeling that a lot of these REO properties that come on the market, are they very motivated sellers just like a bank would be?
Debora: They're usually pretty motivated. They can be priced as well as a foreclosure property. It just is a matter of researching. A lot of times you can find a short sale. But you think it's going to be a short sale but it's very close to being on the verge of a foreclosure, as well
Brian: Mm-hmm.
Debora: so you have to really research the property. The foreclosure is actually when the bank has taken back ownership of the property and they actually gain possession. And sometimes it's to the extent where they've had to evict the homeowner.
So the REO is usually a property that is already vacant. A lot of times it's just been boarded up and, you know, there's no money put back into the property by the real estate investment company that owns these properties. They just want to move them. Get rid of them. And they could, like I said, they could own hundreds of these throughout the country, where you could have a local bank that just gets one or two foreclosures in your particular area. So they're all different.
Brian: So, okay, that's a great explanation. I think we'll go into a little bit more detail in other videos about each individual thing, but I think the moral of the story is, not so much of what to go after, because every property could be different. It's the deal that you're after, and you need to make sure that you're dealing with the right agent that knows how to identify and work that transaction.
Debora: Right. And I think we didn't touch upon the distress sales. Distress sale can be very, very close to being a short sale, or it can just be a situation where I actually had a seller come to closing with a check for the difference between what they were owed, the bank owes.
Brian: Okay.
Debora: And that can be a distress sale where they don't want to have the hit on their credit, or whatever the situation is.
Brian: So, distress sale could be like a number of different things, not really where it's like pigeonholed into one category like you were talking about, like the foreclosures.
Debora: Totally.
Brian: Okay. Great. Well, that was a great explanation. Thanks.
Debora: Thanks for taking the time to watch this video. I've really enjoyed making it for you, and I know that the information in this free video series that we put together for you will make a huge difference in your next home purchase.
Brian: So for more great information to help you avoid a lot of common mistakes and capitalize on some opportunities that most people never find out about, go to www.StCharlesILForeclosures.com.The website that I just mentioned is at the bottom of this video.
So go there, and you'll be able to access this whole video series that we've put together for free.
