By: Tim Hopkins
Perhaps you’ve been looking for a house and have found the terms “Short Sale”, “Bank Owned Resale” or “Foreclosure” but don’t quite know what that means? Fear not, this blog aims to explain.
Despite how this term sounds “short sale” is not referring to a quick sale. The short in this term refers to money, not time, so if you’re interested in a short sale home, get ready to play the long game.
What it actually means
In a Short Sale, the homeowner is either underwater on their home (their home is now worth less than the outstanding balance on their mortgage) or they are having trouble making payments and need to get out of the agreement with the lender. The owner will formally ask the lender to sign off on the…
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