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If you are a potential home buyer looking to purchase a home at a substantial discount, a short sale property may be an option for you. Although purchasing a short sale property can be a win-win situation for both buyer and seller, there are some points you should consider before buying this type of property. A short sale property is a property that is sold at a purchase price that is less than the balance owed on it. According to AOL Real Estate, "In a short sale, a seller facing the threat of foreclosure enters into an agreement with their mortgage lender to accept a price for the property that's less than the amount they actually owe on it." Buyers can purchase a property at a substantial discount. Sellers and lenders avoid the time and expense involved with the foreclosure process. Buyers who have not missed a payment on their mortgage are often not eligible to sell their home as a short sale property. In addition, selling your home as a short sale property may have negative implications on your credit rating. As of 2007, if your lender forgives the balance owed after you sell your home as a short sale property, the difference will not be taxable under the Mortgage Debt Relief Act of 2007.Significance
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by Tutorial_Guru on April 2nd, 2010
A short-sale properties are real estates bank institutions own that are put out into the housing market at a discounted price lower than its original fair market value price. A short sale property is usually a great opportunity for first time homebuyers to purchase a real estate for cheap. For more info try knowledgecity.com, where i got the info I mentioned above.
Hope this helps =)
Do you have to take classes to obtain a real estate license?
by Answerbag Staff on March 3rd, 2011
| 1 person likes this
how to buy lands near dhaka about 30 km distance form dhaka ?
by Mamun_A on May 5th, 2011
| 1 person likes this
What is short sale approval?
by Answerbag Staff on March 2nd, 2011
| 1 person likes this
Can a short sale agent be related to the seller?
by Answerbag Staff on August 4th, 2010
| 1 person likes this
I want to "Owner Fiance" my home. I owe debt. I get a 1098 from bank from original loan, how do I get my buyer a write off and not me?
by clarkbar on May 13th, 2011
| 1 person likes this
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