Distressed Virginia Beach Real Estate | RE/MAX Alliance

  Distressed Virginia Beach Real Estate



Virginia Beach Foreclosures
  Virginia Beach Short Sales

Foreclosures

REO stands for Real Estate Owned, and refers to the properties that a lending institution/investor has acquired due to a repossession of the home, also known as a foreclosure.  Foreclosure is the legal process by which an owner's right to a property is terminated, usually due to the failure or inability of the owner to make mortgage payments on a timely basis or to comply with other conditions of their mortgage obligation.  The lending institution/investor (which may be the original lender or a subsequent holder of the mortgage) becomes the legal property owner and offers the home for sale to recover the amounts owed to it.  Contact a Foreclosure Specialist with RE/MAX Alliance to assist you in the puchase of a Foreclosure/REO.
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Short Sales

A Short Sale occurs when (i) the Seller's proceeds are less than the amount necessary to pay the costs of the sale and satisfy the outstanding balance of liens secured by the property and (ii) the holders of such liens ("Lienholders") agree to release their liens for less than the amounts owed to them.  This may be an extended process.  Contact Short Sale Specialist with RE/MAX Alliance to help you successfully negotiate the process.
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