Distressed Homes
Cartersville Distressed Homes For
This home is distressed, but it may not be financially distressed - which is the distressed we are talking about.
A Bank Owned home is a home that has been repossessed by the bank. This can be a fantastic way to search for a home because banks are not in the real estate industry, they are in the lending industry. When a bank has made a loss on giving a home loan to an individual, their interest is in recovering their loss on the home, not necessarily getting top dollar for a home.
Foreclosures and Pre-foreclosures are very similar to a bank owned home, in fact sometimes the only difference is the way the listing agent wrote them down. A foreclosure can be much more broad though, as these may be Cartersville auction homes, or homes that are also about to become a foreclosure (which is different from a short sale). Banks have similar motives to sell foreclosed homes, they just want to recover their losses on a mortgage.
HUD Homes are homes that the government backed the loan, but the borrower defaulted on their payments there as well. So technically, it is a government foreclosure. These are probably the best category to shop in when looking for the best deal on a home.
Short Sales are homes that are not owned by any banks, but are still in a distressed financial situation. The borrower is somebody who may be facing a foreclosure situation, and in order to keep what credit they might still have, a short sale is their best option. Banks are willing to let these homes be sold for less, because they also do not want to face a foreclosure situation.