Types of Real Estate Transactions

There are many different types of real estate transactions in the Boise area.  When viewing a listing, you may see something like shown below. Real estate listing screenshot REO/Bank-Owned - The term "REO" stands for "Real Estate Owned."  These properties have been foreclosed on and are now owned by the bank.  The term "foreclosure" and "bank-foreclosures" also apply to these properties.  You can learn more about bank-owned properties here.

In Foreclosure - This line is often confusing for people.  The purpose of this line is to let people know if the Notice of Default has been filed on the property.  In other words, has the lender started the formal foreclosure process on a homeowner who's behind on payments?  Most short sales are also in the process of foreclosure.  However, it's also possible for a homeowner to be "in foreclosure" but it not be a short sale situation (i.e. if they have equity).  You can read more about the foreclosure-time line here.

Short Sale - A short sale is when the homeowner is trying to sell for less than what is owed on their mortgage(s). You can read more about short sales here.

Auction - Auction properties are generally either a bank-owned property or a non-foreclosure.

HUD - HUD homes are owned by the U.S. Department of Housing & Urban Development (HUD).  How does a property become HUD owned? The previous owner had a mortgage insured by the Federal Housing Administration (FHA).  Once the property was foreclosed on, FHA paid off the lender who owned the note and HUD became the responsible party to sell the property.

Non-Foreclosure - Although this category is not specially described in the listing, you can deduce that if it's not a short sale, not in foreclosure, and not REO/bank-owned then it's a non-foreclosure (i.e. your traditional home seller).