As foreclosure rates hit record levels, more sellers are turning to short sales as a way to avoid foreclosure. So, how does it work? In a short sale, the seller arranges with their mortgage lender to accept a price that's less than the amount they owe on the property. As part of this… Read More » arrangement, the lender typically agrees to forgive the rest of the loan. As a result, the seller doesn't have to go though a foreclosure, the buyer picks up a property at a discount, and the lender avoids taking on the burden of unloading the property. Sounds good right? Well, sellers need to know that a short sale may damage their credit, though probably not as much as a foreclosure. Also, lenders generally will only agree to a short sale if the seller is many payments behind and has received a default notice. Buyers may get a great property at a discount, but they also will need to go through some extra paperwork too. Not to mention, they also need to be prepared to roll up their sleeves if that new property needs fixing up. Show Less »
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Short Sales Explained
Looking to get into a home? Opportunity could be knocking with all the homes on the market these days. Find out more about what a short sale is and how you can benefit from buying one. Understand the options available today in home buying. How does a short sale differ from foreclosures you keep hearing about? Find out more and understand your options.
Hear a lot about foreclosures these days, but still unsure about short sale homes? Read the latest headlines and find out more and understand exactly what the opportunity and challenges may be. Times are tough, when should you consider a short sale on your own home?
Read these first hand accounts of those involved in buying, bidding on, and showing short sale properties. Buying a short sale can be a great investment deal or can be a long trying process getting your bid approved by the lending institution. Who has the control... the seller, the bank, the realtors? Read more to understand the happy and heartbreak side of buying a short sale and then decide if it's right for you.