Typically when I think of Resale I think of a property in which the current owner who actually lives in the property is selling his home and it is not distress sale such as a short sale which is when the owner needs to sell his home and the sale price will not be enough to cover their outstanding mortgage. A foreclosure is a bank owned propery in which the prior owner was not able to keep up with their obligations of the loan and the bank legally took the home back.As far as the difference when you are buying a home Typically you can negiotiate for repairs if needed on a resale home. Where as on a foreclosure home these are sold as-is. With that said most lenders are not out to sale trash and many of them will go in the home and make required repairs and some times do cosmetic repairs as well BEFORE placing the homes on the market so these homes should never be ruled out. On another note foreclosures typically have an appraisal done prior to being placed on the market so the home is listed at current value where as a resale typically will not there fore their pricing could potentially have the sentimental value attached as well. Whenever you are preparing to place an offer on any home your Realtor will typically conduct a Market Report for the specific property you are interested in so you are able to make an informed decision when placing an offer.
Resale are properties that are previously owned and re-selling not new. Foreclosures are properties that were previously owned and the owner failed to make the mortgage payments therefore the bank foreclosed took back the property. Then the bank sells these foreclosed properties for less than resales since they want to 'get rid' of them quickly. However sometimes these foreclosed properties need some kind of repair. It's adviseable to work with a buyer's agent that can help you make the right decision as to what is best for you.
The home was previously owned and now is being sold again a regular sale transaction. Foreclosure happens when the home owner is unable to make payments and the bank now owns the property. Could it be possible that you have the resale and short sale in mindAnia
Resale is from a normal owner like if you was to own and sell a home. Forclosures are where the bank has take possession from the owner and now the bank is the owner. The in between is when the owner has to sell their home for less than they own the bank. This is a short sale. The owner and a buyer agree to a contract then the bank has the finial say rather they will allow the sale to go through as-is or not. Thanks for the question and good luck.
Hi Paris Resale is a regular home owner sale. Foreclosures are homes that the owner stopped paying on so the bank forecloses. These foreclosed homes are placed back on the market and are bank owned. Since the bank owns them they sometimes sell for less because banks are not in the Real Estate business and would rather sell the house quickly than keep it.