Real Estate VS Personal Property:

Real estate is how we often refer to that thing we call our home. We know it is a home but we still say real estate. It so common that the term is now in the vernacular of our culture.

However, real estate is actually a legal term that encompasses both land and anything affixed to it such as buildings. The buildings must be stationary to be considered part of the real estate. This means they are in a fixed location on the land just like your house for example.

I realize this is all a minor point but it doesn't hurt to understand the roots to the term we flip about quite casually. Another form of property is personal property.

Today, we all own at least one television. A vast majority of the population owns at least one computer. Two different toys coming under the heading of personal property.

Foreclosure investors generally cannot foreclose on someone's personal property. However, there is one exception. If the homeowner has pledged the computers or television as collateral for the loan, they become foreclosure items in most jurisdictions.

As I say in the manual, become familiar with the foreclosure laws in your jurisdiction so you don't run afoul of the law but maybe more importantly, you can protect yourself from costly lawsuits. A side benefit is access to ALL of the collateral.