Thursday, February 4, 2021 / by Randy Durham
What is the difference between short sales, foreclosures, REOs, and traditional sales?
Traditional sale
This is usually the most common type of sale, and the least complicated. Let’s say that the owner of a home wants to put his home up for sale for whatever reason. They may be going through a divorce, relocating, upsizing, downsizing, the neighbors built an ugly fountain in the yard and they’re sick of looking at it…or simply because they want to. The reason doesn’t matter. All that matters is they want to move. As a buyer who wants that house, you are most likely going to be getting a conventional or government-backed loan such as FHA, VA, USDA, or a state-specific loan like THDA or GA Dream. If this is the case, then your chances are very high that you will be involved in this type of sale. A traditional sale happens when you buy or sell your home with a realtor or on your own. As a side note, buyer agents work for sale by owners all the time. They are not limited to showing you homes on their MLS that are listed with other agents. ...
This is usually the most common type of sale, and the least complicated. Let’s say that the owner of a home wants to put his home up for sale for whatever reason. They may be going through a divorce, relocating, upsizing, downsizing, the neighbors built an ugly fountain in the yard and they’re sick of looking at it…or simply because they want to. The reason doesn’t matter. All that matters is they want to move. As a buyer who wants that house, you are most likely going to be getting a conventional or government-backed loan such as FHA, VA, USDA, or a state-specific loan like THDA or GA Dream. If this is the case, then your chances are very high that you will be involved in this type of sale. A traditional sale happens when you buy or sell your home with a realtor or on your own. As a side note, buyer agents work for sale by owners all the time. They are not limited to showing you homes on their MLS that are listed with other agents. ...