How To Buy A Bargain Home As A Short Sale
By Joe Gonzalez, NMLS# 126036 (610) 739-6563
(CrossCountry Mortgage, LLC NMLS #3029)
A short sale is when the mortgage lender(s) agrees to sell the property for a lower amount than the loan-balance remaining.During the worst moments of the 2006 to 2008 real estate crisis, homes sold as short sales for a fraction of their value. Lenders had so many properties with loans in default that they could not manage the ones that they had in foreclosure.Foreclosure is an expensive legal process that causes a lender to lose more money on a property. This is one of the motivators that encourages lenders to accept a short sale because sometimes through a short sale the foreclosure process is avoided.Are Short Sales Still Available?The number of short sales peaked in 2012. The inventory of homes available for a short sale transaction is much lower than the massive numbers caused by t...
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