Explanation of a short sale!
As the real estate market remains volatile, one of the best options for many new home buyers is purchasing a short sale home. But, what does “short sale” mean? A short sale is when lenders have the opportunity to sell a property before the bank forecloses on the home rather than after. While buying short sales creates the opportunity for real estate investors to pay well-below-average housing prices for properties within ideal locations, there are still drawbacks.
If you’re interested in buying short sales, here are a few things you need to be aware of:
Why Banks Short Sale Pre-Foreclosure Homes
The last thing a bank wants to do is own a property secured by the bank’s loans. When a property owner is in default and owes more than what the home is currently worth, the bank will work with the seller to offer the property for less than they…
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