Foreclosures, Real Estate Owned, and short sales are all distressed properties, and are available throughout the San Francisco Bay Area and nationwide. The Grant Creek Properties team will work with you to find the best property for home or investment purposes.

Here is some information on the differences between these properties:

 

Foreclosure is defined as the legal process that occurs when a homeowner, or owner of any property, loses interest and ownership in the property when he is unable to make regular payments on the mortgage. In other words, if a homeowner can't come up with the monthly amount to satisfy his mortgage, he can lose his home. The process that banks and financial institutions use to sell off the mortgaged property to recover a debt is called foreclosure.

The term ‘REO' stands for Real Estate Owned. REO property is foreclosed, but the lender fails to sell it through the auction process. Ultimately, the bank tries to sell its REO property in the open real estate market. 

A short sale of real estate property occurs when the owners sell their property for less than that they actually owe their lender. A short sale must have the approval of the lender before the property can be sold. 

Looking to move outside the Bay Area? Here are some links to available properties in the U.S. and abroad.

More coming...