How Savvy Are You? Test Your Distressed Real Estate IQ and See!

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How Savvy Are You? Test Your Distressed Real Estate IQ and See!

Test Your Understanding of Short Sales, REOs, and Standard Sales


Answer these questions on distressed Real Estate and see how savvy you are.  Not the legal answer, or the NAR, CAR, or OCAR answer.  Not the Wikipekia answer.  Just the most accurate answer as compared to the other 3 choices.  Let the games begin!

1. A Short Sale is:

A. A house for sale suitable for vertically challenged people.

B. A house for sale that will take only a short time, in Earth days,  to transfer ownership to the buyer.

C. A garage sale at a house for sale where all the neighbors bring their shorts that are still cool and relevant, name branded and everything, but are just too short for them these days.

D. A house for sale where the net proceeds will fall short of what is owed to the bank.

2. A Notice of Default (NOD) is:

A. A house for sale in Neverland by owners known as Winkin and Blinkin.

B. A Facebook relationship status update choice just added in the latest round of upgrades.

C. Is always filed when two mortgage payments have been missed.

D. A recorded notice that the foreclosure process can and may be followed to the letter of the law, usually filed after two missed mortgage payments.

3. An REO home for sale is:

A. An Open House where three quarters of an Oreo cookie is the featured snack

B. A home for sale by any member of a 70’s or 80’s pop band

C. A house for sale by anyone on Twitter with a hash tag that resembles a 70’s or 80’s pop band

D. A home now owned by a bank and listed for sale through Realtor, who may or may not be a fan ot 70’s or 80’s pop music.

4. REO is an acrynom for what:

A. Really Excellent Opportunity

B. Real Estate Opportunity

C. Rarely Ever Optimal

D. Real Estate Owned

5. A Standard Sale is:

A. A home that is suitable for people with large poodles

B. A home for sale in its original condition – standard issue.

C. A home for sale in Standard, CA

D. A home for sale by owners who really want and need to sell, who will net enough to pay off what they owe the bank or have the cash to make up the difference.

Answers:

1. D. Never thought you’d fall for the garage sale thing.

2. D. Total trick question.  So many banks are NOT filing NODs even though they have the right.  If you answered C, you may be surprised to learn that some banks would rather have the home occupied, even though the payments are not being made, than foreclose and risk damage to the property due to neglect, vandalism, or unatteneded accident.

3. D.  Great opportunities, but owned by the bank.

4. D. This is bank jargon – REO is short hand for Real Estate Owned by the bank.  Probably figured that out from questions 3, right?

5. D.

Scores:

5 Right – you are Super Savvy about today’s distressed Real Estate market

4 Right – you are Pretty Sharp!

3 Right –

2 Right – Not really into Real Estate right now, huh?

1 Right – Maybe next time?

0 Right – You didn’t watch the video, did you?

Just thought I’d mix things up a little.  This is the first post in the new Real Estate IQ area.  Stay tuned for future quizzes – sure to be chock full of useful tidbits of Real Estate facts.

I’m Leslie.  Just keeping it Real in Orange County Real Estate.  949-678-3373

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