5350 Discovery Park Blvd.

Williamsburg, VA 23188



Short Sales and REO

What is a short sale? A short sale in basic terms is the sale of real estate in which the proceeds fall short of the balance of the debt secured by liens against the property. Most of the time this means that the home is sold for less than the mortgage balance(s). There are several short sales on the market, but this type of transaction is not for everyone. The process generally takes time and a buyer must be willing to be very patient. In many cases, the seller is in financial distress and foreclosure could be eminent. Often times, inspections and repairs that would ordinarily be covered by the seller become the purchasers responsibility. I can help you determine if this is the type of transaction for you. It is important to have an agent that understands the process.

What is an REO property? REO actually means real estate owned and is a property that has been foreclosed on and has been taken back by the lender or trustee. There are many of these homes on the market and could be an avenue for some buyers to explore. You must go into this expecting that the seller (lender or trustee) will not make any repairs. In some circumstances there are exceptions, but most homes are sold “as is”. I can help educate you on the process and how it works. Once again, most inspections that are customary for a seller to cover will be your responsibility.

If you would like more information about short sales or bank owned properties in the area, please contact Holly Duke Miller here for more information on these properties as they are not easily searchable on the MLS.