Midwest Country Realty Inc,

Short Sale Vs. REO/Foreclosure

SHORT SALE

• Homeowner owns the property
• Buyer enters into the executed contract with the homeowner, subject to lender approval
• Property is generally occupied by the owner or tenants
• Sold As Is
• Timeframe from execution of contract: Can be anywhere from 2 to 6 month or more depending on the lender.

REO/FORECLOSURE

• Lender owns the property
• Lender enters into the executed contract
• Utilities are often disconnected and the property maybe winterized
• Property is vacant
• Sold As Is
• Timeframe from execution of contract 2 weeks (cash deal) to 30 days depending on the lender.