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Cindy, Home Buyer in Cuyahoga Falls, OH

what is a resale????

Asked by Cindy, Cuyahoga Falls, OH Fri Jun 13, 2008

is it where the home is foreclosed and it goes up for sheriff sale and nobody buys it so the bank gets it back and then they are selling it now???

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A bank owned home is termed REO, for Real Estate Owned. A resale is simply somoeone owned it before - the alternative is a new construction home, only owned by the builder.
0 votes Thank Flag Link Fri Jun 13, 2008
The term "Resale" is a general term for any property that was previously owned.
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0 votes Thank Flag Link Fri Jun 13, 2008
A resale just means someone else owned it. It could be anyone.
The alternative is new construction.
0 votes Thank Flag Link Fri Jun 13, 2008
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