Short Sales Explained!
What is a short sale?
A short sale is a transaction in which the lender, or lenders, agree to accept less than the mortgage amount owed by the current homeowner. In some cases, the difference is forgiven by the lender, and in others the homeowner must make arrangements with the lender to settle the remainder of the debt.
What does this mean for you?
Well it means a great deal! Along with the great deal comes a lot of waiting, paperwork and a lot of patience! Your offer must have a pre-approval and must be approved by the BANK not the actual owner of the home so this process can take weeks and sometimes even months! So if your willing to wait there are some good deals out there!
some information from www.realtor.org