The term “short sale” has been in the news a lot lately, but you might not fully understand what it means. That’s understandable, considering how complicated these real estate transactions can be. Short sales in real estate come with some great benefits, but they also have a few drawbacks too.
These are a few tips to get you started in learning more about short sales:
- These sales are done by homeowners who are facing a foreclosure. With the approval of their mortgage lender, the homeowner can sell the house for a lower amount than what they owe. There’s no profit involved, but they also don’t have to deal with being foreclosed on.
- Buyers can get incredible deals on a new home, but the short sale process isn’t as straightforward as a normal real estate transaction. They need a reliable and knowledgeable agent to assist them.
- Sellers who are facing a foreclosure might not automatically qualify for a short sale. Although lenders benefit from these transactions too, some won’t agree to them unless the seller has fallen behind significantly.
Need more help navigating the complex world of short sales and foreclosures in real estate? Click here and here for more information and stop by ERA.com to find an agent who can help answer your questions.
