The Challenges of Buying (and Selling) a Short Sale Home

The Short Sale home is basically a pre-foreclosure sale. The owners have financial issues, have missed or been late on mortgage payments, and are looking at a possible future home foreclosure and/or bankruptcy. Their credit rating will then be seriously impaired and there will be a period of time where they won't be able to own a home. They may have already tried to sell their home, but the price at which they need to sell is higher than the market value, and there have been no offers.

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