Colli Real Estate

What is the difference between the REO, foreclosure, short sale homes?

My wife and I are about to buy our first the home using a loan with the help of the FHA CalPERS retirement savings. We decided to buy a house you can afford on one income so you do not have to worry about recession and job loss. For her, she qualified for $ 350k and we have plenty of homes in our area under $ 350K. I would like someone explain what the main differences between the houses REO, short sale homes, foreclosure homes. What is usually the best offer and we must trying to buy? We want something that is clean and ready to spend a little or no work required. So one of the three is more likely to cover the costs of closure? We keep hearing about how the sellers pay closing costs most of the time in this housing market. I do a lot and avoid paying 100% cost closure if possible. Thanks

REO and executions are the same. Both are now held by the bank. Short sales when the owner tries to sell unless they have in house. The lender must accept less than the amount owed. Many Foreclosre / REO homes are vandalized because the former owners are immature and angry at the bank and the took home. The elderly couples realize they have an agreement and if they can keep their part of the agreement, the bank does its job when it crashes. I do not think you can use CalPERS funds for anything other than the A. CalPERS Loan FHA loans are different from CalPERS. FHA loans require 3.5% down. If your agent structures of the loan offer correctly, you should be able to get the seller to pay most or all closing costs. Do not try to save the price of the house, offering much cheaper than the selling price. Pay more to the actual price they want and pay the closing costs of 6%. Get a lower rate on your loan will save more long-term reduction of $ 5 and $ 10 on your purchase price. Good luck and happy family!

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