You want to buy a home for less than market value, or do you want to own a second home and are looking for a deal? There are few active buyers in the real estate market nowadays but those who are seriously looking are considering short sales or foreclosures. If you are one of these people then what is better for you – a short-sale or a foreclosure?
Is a short-sale best?
Short sale signs are popping up everywhere yet many people do not know what this means. The seller who chooses a short sale is in a hurry to get out of their mortgage so the lender agrees to accept a mortgage payoff amount that’s less than what’s owed in order to help the seller get out fast. The lender ultimately forgives the remaining balance of the mortgage loan.
[Read more…] about What is Better: A Foreclosure or a Short Sale?