Short Sale Strategies For Buyers And Investors, Sometimes homeowners find themselves underwater, increasingly unable to pay the mortgage, taxes and other costs for their property. When this situation happens at the same time that property values have fallen to the point where the house is worth less than the mortgage on it, a homeowner may decide to put the property on the market as a short sale. This type of deal is called a short sale, or pre-foreclosure sale because the property is sold for less than the amount due on the mortgage.
Such real estate sales can benefit the lender, which can avoid the lengthy and costly foreclosure process, and the borrower, who can eliminate or reduce mortgage debt and keep a foreclosure off their credit report. Short sales can also provide excellent opportunities for a buyers to get into houses at a reduced prices. Here, some tips to help you make smart decisions when considering a short sale property.
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