Foreclosures – Foreclosure properties listed on the MLS are properties where the lender/bank has taken ownership of the property through a foreclosure action. These types of properties are also referred to as Real Estate Owned (REO), or bank-owned properties.
Short Sales – Based on property listings with the words SHORT SALE in the property description. Please be aware that this search criterion may not display a complete list of SHORT SALE properties in the area. Short Sale is one type of foreclosure related transaction and this search criterion may also capture foreclosures and home equity sales. Use of the term "short sale" in the property description on the property listing does not guarantee that the seller's mortgage lender has agreed to accept a payoff of less than the balance due on the loan and/or that the property is not already in default or in foreclosure.