Foreclosure in 44035>Question Details

Laura Griffin, Home Buyer in Elyria, OH

is a reseal house being sold by some one or is thst a banked owned house?

Asked by Laura Griffin, Elyria, OH Sat Jan 5, 2008

Help the community by answering this question:

Answers

3
BEST ANSWER
Hi,

Resale does refer to previously occupied, just as Holly stated.

REO (real estate owned) refers to bank/lender owned properties. This means the bank has gained completed title and ownership to the property as a result of either a foreclosure or the prior owner signed over the deed in lieu of foreclosure. (Sometimes owners simply sign over rather than go through a foreclosure.)

Deborah
2 votes Thank Flag Link Sat Jan 5, 2008
Deborah Madey, Real Estate Pro in Red Bank, NJ
MVP'08
Contact
A resale of a home simply indicates that it was previously owned. When a realtor inputs information into a computer, they must usually respond as to whether the home is new or a resale. REO is another term used by the banking industry. It means Real Estate Owned and that is not a good thing. Banks are not in business to own Real Estate, they are in business to loan money to people who own the real estate.

Generally foreclosed property is offered for sale by banks, HUD, or FannieMae. You can find everyone of these homes through a qualified real estate professional such as myself. If you have any further questions, you are welcome to post them here or contact me directly.

Paul Drury
Broker / Consultant
Keller Williams Realty
Greater Cleveland West
Web Reference: http://www.druryrealty.com
0 votes Thank Flag Link Sat Nov 14, 2009
It just means someone has occupied it previously. It is not a brand new home. It might be a foreclosure, or not!
0 votes Thank Flag Link Sat Jan 5, 2008
Search Advice
Ask our community a question
Email me when…

Learn more

Home > Ohio > Lorain County > Elyria > 44035 > Foreclosure in 44035 > Question
Copyright © 2015 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer