2008/05/Short Sales

Everyone talks about all of the foreclosures on the market, but not too many people talk about all of these short sales. In fact, there are a lot of people that don’t even know what a short sale is. A short sale is when a lender/bank is willing to accept less than what is owed on a property. This process is benefical to both the buyer, who in most cases purchases a home at a wholesale price, and the seller, who avoids foreclosure. These properties could be more desirable than foreclosures because it’s in the owner’s best interest to maintain a clean and desirable home. When negotiating a short sale it’s very important that your real estate agent has experience with this type of transaction.