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Welcome everybody this is Jimmy Chickey from www.jimmychickeytv.com on a very
sunny day here in beautiful Las Vegas.
I am just going to give you a quick last summery on the differences between
foreclosures and short sales. We had that question come up earlier today with a
client.
So remember foreclosure is a bank owned property or property that's been
foreclosed on the original owner. The bank owns it free and clear and they are
now selling it to the public.
That means when you see a list price on a foreclosed home
that is the price the bank is willing to accept
Just like that.
The difference on a short sale is that most short sales are
unapproved short sales... that means that the seller is selling the house less
than they owe the bank. They have not usually talked to the bank
yet they want to sell their house. They put on the market is a short sale. That
list price
does not mean anything. The bank has not approved that price so it's a totally
different ball game from foreclosures. So anyway, just a quick difference between
foreclosures and short sales. Just know either way, here in Las Vegas the market
is very tight so both types of homes are getting multiple offers.
uh... that was just a quick little reminder. This is Jimmy Chickey from www.jimmychickeytv.com