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What is the Difference Between A Short Sale and A Bank Owned Property?
What is the Difference Between A Short Sale and A Bank Owned Property?
Short Sales and Bank Owned Properties seem to become more familiar terms in the real estate market but what is is the difference between them?

Currently there are 639 Active Homes For Sale in Saratoga Springs, NY.  Approximately 21 of these properties are a short sale and 3 are bank owned. 
Short Sales
In a short sale, the current owner still owns the title to the property.  In many cases the owner may still reside in the short sale property.  There are two basic scenarios that causes a property to become a short sale.  The first being the owner has defaulted on their mortgage loan and the home's market value is less than what is owed on the property.  Another scenario is the owner must relocate and the home's market value is again less that what is owed on the property.  The bank then must agree to sell the home for less the amount on the mortgage in exchange for the release of the lien.  
As a potential buyer it is important to know that the buyer will submit their offer to the owner.  However the ... more

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