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Buying a home through a short sale is different from buying a property at a foreclosure auction, or one that is actually owned by the bank, known as an REO, or real-estate owned property.
10 Benefits of Short Sale over Foreclosure. A short sale is a transaction in which the bank lets the delinquent homeowner sell the home for less than what’s owed. The borrower finds an agent and puts the house on the market, often at a substantial discount. The hope is that, if the home sells, the lender will recoup the majority.
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Buying a short sale can be risky. Before you submit an offer, go in with your eyes wide open and understand the common downsides to this type of home sale.
The real estate market still has some short sale properties available and buying a short-sale approved home can save you money and reduce the amount of competition you have for the home. It’s also.
If a financial hardship situation has put you in a position where you cannot remain in your home any longer, you have two options: short sale or foreclosure. What You Need to Know About Short Sales. If you owe more on your loan than your home is worth and need to sell your home, the transaction is called a short sale.
Before you begin shopping for a short sale, it's important to understand from the. Advantages include the home being sold for “pennies on the dollar” as well as. If you are interested in purchasing a short sale or applying for a VA loan, use.
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Buying a short sale house can result in getting a really good deal, but not always. It takes patience, and a knowledgeable real estate agent who can guide you through the process. Here’s a pros and cons list for buying a short sale property to help you decide if a short sale is right for you.
Pros & Cons of Buying Short Sales Everyone Wins. One of the advantages of buying short sale properties is. Value. short sale homes might be on the market at a discount, allowing a buyer to get. More Features and Location. Because the price point is lower, a buyer might be able. Time. One of.