Real Estate Services Defined

Real Estate Services Defined

Real estate owned or REO is a term used in the United States to describe a class of property owned by a lender—typically a bank, government agency, or government loan insurer—after an unsuccessful sale at a foreclosure auction.

Resale is considered a standard sale where the seller is a real person and they are selling their home

Refinancing is the process of replacing an existing mortgage with a new loan. Typically, people refinance their mortgage in order to reduce their monthly payments, lower their interest rate, or change their loan program from an adjustable rate mortgage to a fixed-rate mortgage.

short sale is a sale of real estate in which the net proceeds from selling the property will fall short of the debts secured by liens against the property. In this case, if all lien holders agree to accept less than the amount owed on the debt, a sale of the property can be accomplished.

Commercial real estate is any non-residential property used for commercial profit-making purposes. Commercial real estate includes stores, malls, office buildings, and industrial parks

Manufactured housing (commonly known as mobile homes in the United States) is a type of prefabricated housing that is largely assembled in factories and then transported to sites of use.

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