Market Information > Definitions
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Foreclosure - the process by which a lender or other lien holder of property gains control of the collateral property
Short Sale - where mortgage debt exceeds the fair market value of the property and the mortgagee (bank) allows the property to be sold for less than the amount owed
REO - Real Estate Owned: property owned by a lender after the foreclosure process
BPO - Broker Price Opinion: 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.
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