Are you on the hunt for great deals on a local home? If so, you have probably heard about “short sale” homes, although it can take a bit of searching to find one. Let’s take a closer look at real estate short sales to learn how they work and when you might want to take advantage.
What Is A Real Estate Short Sale?
A real estate short sale takes place when a homeowner sells their home for less than they owe on it. This tends to take place in volatile real estate markets where a substantial price increase took place with a rapid price decrease following after.
Whatever the case, the homeowner is now facing a home with less value than their mortgage. They may approach their lender about a short sale, or the lender may force it on them. A short sale can take place even if a homeowner is still making their monthly mortgage payments on time, although that is somewhat rare.
Stick With The Pros When Buying A Short Sale
Without question, if you are considering buying a short sale home you will want to work with an experienced real estate agent. Short sales take place due to a variety of circumstances, few of which are positive. You will want a real estate professional who knows the ins-and-outs of the short sale process and will protect your interests. They can also help you understand what happens with the outstanding debt on the property.
Mistakes To Avoid When Buying A Short Sale Home
Unfortunately, there is no shortage of stories about short sale buyers who made a poor decision when trying to score