Suttons Bay Forclosures & Short Sales

Cygnus Real Estate has foreclosure homes and REO brokers. View our current foreclosure listings. This section describes the nature and differences of foreclosures and short sales.

Foreclosed Homes For Sale

Many times homeowners get in over their heads when it comes to purchasing a new home. If they have taken out a loan from the bank and are unable to make their payments their home will be turned over to the bank resulting in a foreclosure. From there the bank will place the property on the market for auction or sell. These types of properties immediately become REO properties or foreclosure listings. Such foreclosed homes are generally a steal to catch.

Short Sales

A short sale is a sale of real estate in which the sale proceeds fall short of the balance owed on the property's loan. It often occurs when a borrower cannot pay the mortgage loan on their property, but the lender decides that selling the property at a moderate loss is better than pressing the current debtor. Both parties consent to the short sale process, because it allows them to avoid foreclosure, which involves hefty fees for the bank and poorer credit report outcomes for the borrower. If you are endanger of home foreclosure please call us for help. We can help you avoid a home foreclosure. For much more information please go to our Free Short Sale Help page.

Broker Price Opinion (BPO Services)

The BPO, or Broker Price Opinion, is a tool used by lenders and mortgage companies to value properties in situations where they believe the expense and delay of an appraisal is not necessary. Real estate brokers are given an order to do a BPO by the lender, mortgage company or loss mitigation company. The broker does either a Drive By BPO or an Internal BPO in most cases.

Brokers Price Opinion (BPO) is the essential alternative valuation tool for financial institutions currently pursuing home equity lines of credit, refinancing, loss mitigation and collection efforts.

Cygnus Real Estate offers BPO Services to individuals, lenders and asset managers. Contact a Cygnus Broker for assistance.

Valuation Services

Drive-By BPO

Locally licensed real estate professionals that know the local market trends commonly perform a BPO. These licensed real estate professionals are also able to produce a more detailed observation of the valuation. The standard BPO guideline follows the Freddie Mac and Fannie Mae valuations guidelines.

Interior BPO

A comprehensive report which provides a detailed value of the property with interior and exterior photos. This report is similar to an appraisal but less expensive. Our clients commonly use this for Appraisals Reviews, and 2nd Broker Price Opinions.

 

foreclosure sign

 

REO properties are those which the lender has foreclosed and reselling as a bank owned property.

 

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