Understanding the Complicated Short Sale

Eden Prairie, MN. Home Repair.

Short selling property, this happens when someone that is selling a home sells it in conjunction with the bank at less than what the mortgage is worth. This may have its “ups and downs” for both buyer and seller. Often times the seller is still stuck with paying the rest of the mortgage, and for the buyer, the home is often times in a bit of disrepair and will be needing some fixing up, as well as being a hassle to close the deal. However there are upsides as well, such as the seller selling before having to foreclosed, and not taking as bad of a hit on their credit. And as for the buyer, getting a home for under market value. As with any deal there are fine print that needs to be read. So be careful if you are thinking about short buying your “new” home.

“Lenders are painfully aware of just how bad the current foreclosure crisis is. They know the cold reality is that a large number of struggling borrowers will end up losing their homes and often see the advisability in accepting the inevitable and trying to minimize their losses. Yet, some lenders seem to remain in denial.”

Read the full article: 10 steps to ‘short sale’ buying

http://www.bankrate.com/finance/money-guides/10-crucial-steps-to-short-sale-buying-1.aspx

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Eden Prairie, MN. Home Repair.