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"AS IS"
The property will not be undergoing repairs prior to selling.
Fannie Mae / Freddie Mac
Government sponsored entity that buys mortgages from the primary lenders and either holds them in their portfolio or repackages and resells them as a guaranteed product.Due to the mortgage crisis of 2007-08, the U.S. government took legal control over the privately held Fannie Mae and Freddie Mac.
HUD (Housing & Urban Development)
Also holds many REO properties that were originally financed with a government issued FHA loan.Foreclosed HUD homes can be found listed online at the HUD website
Loss Mitigators
Person who is responsible for processing short sale accounts at the banks.
Mortgage
Describes something of value that provides security to the bank should the purchaser default on the note and describes the conditions that create default of the note and how the bank can take legal title and possession.
Minimum reserve
Minimum price that the bank will accept for the real estate property at a real estate auction.
Note
Describes the amount borrowed and the terms by which it will be repaid, including the amount of interest charged, the time frame, and payments per month.
Owner
Refers to the party that originally borrowed funds to purchase the house and signed the note.
Real Estate Owned (REO)
An REO property is then marketed and sold through traditional real estate channels, and assigned to a real estate broker that generally specializes in REO properties.
Short Sale
A short sale is a situation where the bank agrees to sell the property and receive less than what it is owed.Usually occurs in cases where the property is going into foreclosure. | 
