The distressed property market has introduced a new set of vocabulary for buyers considering the community of El Dorado Hills, CA. Terms like foreclosure, short sale and real estate owned are now indelible elements of the real estate lexicon, and often symbolize for many buyers the chance to purchase an attractive property at a discounted price. Among the most in demand properties in the area today are El Dorado Hills REO homes that offer lower prices with less risk.
REO, or real estate owned properties, are essentially El Dorado Hills foreclosures that have gone through an unsuccessful auction and are now the property of the lender. They are placed onto the traditional real estate market at discounted prices that are not as low as foreclosures, but also allow buyers the ability to inspect the property beforehand as well as purchase the home with a mortgage. Also, all liens are removed and taxes are paid for which means that all that buyers have to be concerned about are any repairs they may have to undertake.
