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How To Purchase A Short Sale Home

Buying a Short Sale. A Short Sale is a situation where a home is expected to sell for less than the sum of the mortgages, and the seller does not have the funds to pay the difference. When the net proceeds of the sale (after closing costs) does not cover the amount of the mortgages, several things happen.

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Striking the best deal with the lender is vital to complete the short sale. How to Purchase Short Sale Properties? You will have to identify your own list of short sales. Try to contact a real estate agent to handle the tough process especially if this is your first time to buy one.

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A short sale is a home that is available at a purchase price that is less than the amount owed by its current owner. A short sale is a financial option that is sometimes available to homeowners.

Buying a Short Sale Property. Frequently Asked Questions . General. What is a short sale? Is the mortgage lender’s approval necessary in a short sale? Why do homeowners sell their homes through a short sale? Who benefits from a short sale and how do they benefit? What are the pitfalls of buying a short sale property?

Buying Short Sale vs Foreclosure Buying a short sale can be a grueling yet gratifying experience. You can get the home of your dreams, and possibly, at a fair or lower-than-market price. A short sale sells for less than is owed on the mortgage, but requires approval from the seller’s mortgage lender.

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If you owned a home between 2006 and 2011, there’s a good chance that you saw your home’s value sour from all-time highs to all-time lows. In 2012 alone, short sales accounted for 22 percent.

There’s only one reason to buy a short sale home – to get a great deal. "Short sale" simply means the sales price is less than the balance of mortgage(s) owed against it Short sales can.

Short sale homes are still owned by the home-owner, while foreclosures are owned by banks. If the home-owner cannot sell the home through a short sale, the bank initiates foreclosure to try to sell the home directly, often in an auction.