What Are the Steps for Buying a Home on a Short Sale List?
A short sale occurs when the homeowner has defaulted on the mortgage loan. Rather than enter foreclosure, which is a long and expensive process for the bank, the lender agrees to a short sale. In a short sale, the bank accepts less than what is owed on the home by the owner in order to clear the default loan from its books. It is less expensive than foreclosure, takes less time and in many cases assures the property will be in better shape.
