Clearance Property Types

Bargain properties offer enviable discounts that can lead to big profits. There are different types of these homes. Be knowledgeable of your options in this market, as knowledge is power.

Short sales happen when sellers want to avoid foreclosure. Seriously threatened by their formidable financial obligations and ensuing credit troubles, short sellers are motivated sellers. They’re often ready to sell their house for well under actual market value.

Bargained houses are reclaimed by the government. Tax foreclosure homes come with IRS liens attached. Real estate owned (REO) properties are reclaimed by banks, and then sold to the highest bidder, so they can be more expensive than other distressed properties.