Are you on the hunt for great deals on local homes? If so, you have probably heard about “short sale” homes, although it can take a bit of searching to find one. Just how do short sales work and when you might want to take advantage of them?
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.
Short sales have their pros and cons. If you are the one selling the home, you have likely been forced into a short sale due to your circumstances. If you are the one buying the home, you may be able to swing a great deal on it. To learn more about buying a short sale, give us a call today and we’ll be happy to help.