Language is important. The way we describe things can evoke certain emotions and reactions, so we must choose our words carefully. This is true in all aspects of life, and definitely true in real estate. I always smile when I see the ways agents attempt to not say “bank-owned” or “REO” or “Foreclosure” in listings. I suppose if potential buyers would be put off by “FORECLOSURE”, then by all means, use a different word or phrase. In place of “bank-owned” I’ve seen “corporate-owned” or “owned by the mortgage company” or “lender-owned” or “liquidation sale”.
If you were in the market to purchase a property, would it matter to you whether something was labeled as “corporate-owned” or “foreclosure”? Is there any stigma in your mind for a home that is selling as bank-owned?