What are the alternatives to a short sale?

Alternatives to a short sale include foreclosure, a loan modification , a payment plan from your lender, and refinancing your mortgage or renting out part of your home to afford your mortgage.

What’s the difference between a short sale and foreclosure?

A short sale means the seller retains ownership and residency of their home while working with their lender to sell the home at a reduced price. A foreclosure means the lender takes ownership of the home after the homeowner fails to pay the mortgage for 90 days. The lender also sells the home and evicts the homeowner.

Should I buy a short-sale home?

A short-sale home can be an excellent investment if you thoroughly research short-sale properties, obtain lender approval, and find a home that doesn’t require extensive repairs or renovations. However, short sales can take more time than traditional home sales and present buyers with a home in desperate need of fixing.

How long does the short-sale process take?

A short sale can be a long transaction between the buyer and seller. That said, it’s vital to make an offer right away on a home you’re interested in, even if it takes a while to close.

What Is A Short Sale In Real Estate?