does bank owned mean it's a short sale?

Asked by Daddy, Santa Maria, CA Thu Mar 11, 2010

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9
Dan Chase, Home Buyer, Texas City, TX
Thu Mar 11, 2010
short sale means the owner still owns it but the bank will take less than is owed on the place. Foreclosures are bank owned with the previous mortgage holder kicked out.
1 vote
Marcia Guthr…, Agent, Pismo Beach, CA
Thu Mar 11, 2010
No, the definition of a short sale is when the current value of the home is less than what is owed and the homeowner asks the bank to discount the difference to allow for it to be sold.
A "bank owned" property has been foreclosed on and is now owned by the bank.

There are plenty of buying opportunities in our current market and along with the historically low interest rates and the Buyer Tax Credit, it is an EXCELLENT time to buy.
I am always available to help you or someone you know with their next real estate transaction!
My contact information is (805) 709-0500 or Marcia.Guthrie@gmail.com!
Have a great day!
Marcia Guthrie
RE/MAX Magic Central Coast
DRE #00984370
1 vote
Ruth and Per…, Agent, Los Gatos, CA
Sat Oct 16, 2010
Hi Daddy:

No Bank owned means it is Owned by the Bank, it has been foreclosed on and reverted back to the bank
and is now free and clear of any liens.

Also check out:

http://www.trulia.com/blog/perry_mistry/2010/10/california_a…

http://www.trulia.com/blog/perry_mistry/2010/10/foreclosures…
Good luck.
Perry
Web Reference:  http://www.ruthandperry.com
0 votes
Tni LeBlanc, Agent, Santa Maria, CA
Sat Oct 16, 2010
No, bank owned means it is a foreclosure. Short sales are sometimes referred to as pre-foreclosures because they are being offered for sale before a foreclosure has taken place. Keep in mind not all short sales are in the process of foreclosure, a homeowner can be current on their mortgage and have no foreclosure notices and still offer their home as a short sale.
0 votes
Scott Godzyk, Agent, Manchester, NH
Thu Mar 11, 2010
As written a foreclosure is when the bank takes the house back at foreclosure auction. A short sale is when the owner still owns the house and asks the bank to reduce the amount they owe so they can sell it. Now if you are looking to purchase either, there are some things you should know. First a short sale can be long and stressfull, on average it takes 3-6 months just to hear if the bank will accept it, less than 25% of short sales are approved, you can get a good deal if you have time and patience. With a foreclsoure you need to get preapproved prior to making your offer, they like to close withijn 30 days of acceptance, also it is sold as is so you should do any inspections prior to making an offer, as well ask for anything in your initial offer as teh bank usually will not negotiate again once they have accepted a price from you. good luck with your search and use a buyer broke rto assist you so you have someone on your side.
Web Reference:  http://www.ScottSellsNH.com
0 votes
Dallas Texas, Agent, Dallas, TN
Thu Mar 11, 2010
Bank owned means it has been foreclosed taken back in lender possession from the property owner.

Lynn911 Dallas Realtor
Web Reference:  http://www.lynn911.com
0 votes
Patrick & Na…, Agent, Santa Barbara, CA
Thu Mar 11, 2010
Both of my collegues are correct. Let me know what area are you wanting to live in and i can send you a list of foreclosed, short sales and regular sales. Thank you for your question.

Patrick Rodriguez
Prudential Ca. Realty
Patrickr@prucc.com
805.310.2053
0 votes
April Tavares, Agent, Campbell, CA
Thu Mar 11, 2010
No. Bank owned means it was home that was foreclosed upon by the bank and therefore the bank now owns the property.

Hope that helps,
April Tavares, GRI
Realtor, DRE License #01742179
Web Reference:  http://www.AprilTavares.com
0 votes
Barbara Van…, , Folsom, CA
Thu Mar 11, 2010
No. Bank owned means ownership of the property has reverted back to the lender after a foreclosure has taken place. A short sale is when the homeowner attempts to avoid foreclosure by trying the selling a home where the value of the porperty is in excess of the mortgages on the home.

All the Best,
Barbara
0 votes
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