What's A Short Sale?
In a short sale, a seller facing the threat of foreclosure enters into an agreement with their mortgage lender to accept a price for the property that’s less than the amount they actually owe on it. The seller makes no profit on the sale but avoids many of the problems that would come from a foreclosure. But, short sales have their own set of advantages and disadvantages for sellers and buyers alike. Buyers, in particular, need to be patient with a process that will seen unbearably lengthy. Additionally, the buyers may be asked to assume some financial risk without assurances that the deal will close. It is important that they be comfortable with their representation. That said, a Short Sale can provide a significant cost savings for the lucky buyers.