Foreclosures and Short Sales In The Hamptons, Long Island, What's The Story?
By Bill Carroll, IN REAL ESTATE, REPRESENTATION IS EVERYTHING
(Corcoran Real Estate)
It’s rare to come across an article in the Real Estate section of any website or paper without at least some mention of distressed properties and how they relate to the current market.It's not uncommon for my buyer clients to ask- "Bill- Foreclosures and Short Sales In The Hamptons, Long Island, What's The Story?" We read about terms like “shadow inventory,” short sales and REO (real estate owned) properties. But what do they mean? Here are some basics on terms that often come up during REO property discussions. “Shadow Inventory” “Shadow inventory” refers to distressed homes that are either seriously delinquent on their loans, in the midst of the foreclosure process, or foreclosed homes owned by lenders (REO) that have yet to come on market for sale. This shadow inventory ...
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