When the home has been sold at the trustee's sale or the sheriff's auction: up to that moment you can stop it by reinstating the loan (paying the arrears and fees), paying it off, selling, or filing bankruptcy, and Nevada's non-judicial process gives the right to reinstate until five days before the sale date.
Three different transactions share the word: buying from the owner before the auction, bidding at the trustee sale in cash with no inspection and no title policy, or buying the lender's REO listing through ordinary escrow, and for a buyer using a mortgage the third is usually the only one that works.
It is a sale of a home for less than the balance owed against it, which can close only because the lienholder agrees in writing to release its lien and accept the proceeds as payoff, and that written approval is the whole difference from an ordinary sale.
Yes, but against two counterparties rather than one: the seller negotiates the contract and the lienholder negotiates the net proceeds, and only the second of them can approve a price.
It is a house that carried an FHA-insured mortgage, went through foreclosure, and became the property of the Department of Housing and Urban Development when HUD paid the lender's insurance claim, after which HUD resells it as-is through hudhomestore.gov.
Line up the financing, find a real estate broker registered with HUD, then bid on a listing at hudhomestore.gov inside the bid period that listing states, because HUD accepts bids only through a registered broker and sells on its own contract, as-is.
REO stands for real estate owned, an accounting term for property a lender ended up owning because nobody outbid it at the foreclosure sale, and an REO listing is that property being sold like any other, with a bank for a seller.
A guide walks a whole process at length and is written about Nevada, because that is where Kouzr operates. A glossary term defines a word. These are the questions in between: national, answerable in a sentence, and worth the page it takes to say why the sentence is true. Where the honest answer needs figures, the figures are ours and the page says which market they are from. Nothing here is legal, tax or lending advice.
