Terminologies

An REO is a home the bank owns after foreclosure. A short sale is a home still owned by someone, but the bank lets it sell for less than the mortgage.

Foreclosure: legal process where a lender repossesses a home due to unpaid loan. REO: property owned by the bank after an unsuccessful foreclosure auction.

Selling a home as a short sale means negotiating with your lender to sell for less than you owe. Expect paperwork, lender approval, and longer closing times.

The difference between a grantor and a grantee is more than just knowing some legal jargon, it’s about knowing who is doing what in a property transfer.