Carl's great explanation is at:
Short sale properties are not yet owned by the bank. A short sale is a property that the owner wants/needs to sell for less than the amount owed and the seller negotiates with the buyer for a purchase price, then applies to the bank to sell at the shorter rate. There is no certaintly that the bank will approve the sale. The bank may accept, reject or counter the offer. Many short sales do not close, but end up going through the foreclosure process, coming back as bank-owned homes at a later date.
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Empire Realty Associates, 380 Diablo Rd, Danville, CA 94526
A bank owned property is just that, bank-owned. It has been through the foreclosure process and is now solely owned by the bank.