Welcome to HomeSelling101 this class is on glossary additions for real estate today.
Appraisals today get a second look, meaning after an appraisal is submitted it’s reviewed again for accuracy. Normally a paper review as opposed to a REVIEW APPRAISAL that includes a field review.
BPO=Broker Price Opinion, same effect as a market analysis done by a REALTOR usually for a lender when a seller is upside down. Cost is minimal compared to a full appraisal.
CASH FOR KEYS=Payment by the lender to a tenant to vacate a foreclosed property.
DEED IN LIEU OF FORECLOSURE = Usually when a lender is in agreement to accept a deed directly from the borrower avoiding a foreclosure.
FLIPPER/FLIPPING=Normally a seller who acquired the property at a very low price, often a foreclosure for the purpose of a quick re-sale at a profit.
REO=A term used most often by lenders and people in real estate, stands for REAL ESTATE OWNED, a label, a way of identifying property on the books for lenders. I.e. a bank repo/foreclosure.
SHORT SALE =Seller is who upside down, owning more than current property value.
UPSIDE DOWN IN A PROPERTY, aka UNDERWATER =loans/ mortgages exceed current property value.
Hope you find this helpful, if you did please let me know!