If you’ve been looking for a home for a while, chances are a listing marketed as a short sale has come across your radar. The price of the home probably caught your eye since it seemed to be way below market value. However, when signing a contract to purchase a short sale, there are many things you need to know. A short sale is not like a regular purchase. First, what is a short sale? A short sale may very well be the last straw before a home goes into foreclosure. Indeed, often a short sale is processed while the home is already in foreclosure. Essentially the owner of the property is behind on their mortgage payments. Instead of the bank foreclosing and taking possession of the house, the bank cuts a deal with the current owner to sell the property and use the proceeds to pay off as much… read more →
