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What Do These Real Estate Terms Mean: HUD Home, Short-Sale, REO?
Real Estate is very complex and requires continuous education to keep up.Clients ask me for help with properties they’ve seen that are HUD HOMES, SHORT-SALE, FORECLOSURE, and other statuses, but have no idea what these terms mean.All of these can be good buys and provide opportunity to improve a property to either live in (owner occupy), income generating (rental), or for profit (flip).Here’s a quick review of each and the potential pros & cons.
HUD HOME/FANNIE MAE: these are properties where the previous owner had a government-insured loan (FHA, VA) and was foreclosed on.HUD, or Federal Housing and Urban Development, pays the defaulted loan off, and then puts the home on the market.Typically, these homes can be purchased below the market value. Pros/Cons: although these can be purchased below market value, many times you are buying the home “as is” so be very careful to have a professional and qualified inspector rev…

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