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Colorado Springs 80921 Home Buyers Learn The Difference Between a Short Sale vs a Foreclosure
Colorado Springs 80921 Short Sales and Foreclosures
www.HomeBuyersEd.com
Although distressed sales have been decreasing on the real estate market since the subprime mortgage crisis, there will always be short sales and foreclosures on the market. In fact, last month according to RealtyTrac’s Foreclosure report, there was the first annual increase in foreclosures since July 2012. So what is the difference between a short sale and foreclosure when you’re the buyer? Here’s a break down of definitions and the benefits of each. What is a Short Sale? A short sale happens when the owner of a property puts their home up for sale and does not have the money to close the transaction and needs an approval from the lender. Typically with short sales the homeowner owes more on the home than it’s worth and they are in danger of being foreclosed on by the bank. It’s called a short sale because the lender is shorted the full amount of the loan. If the bank accepts the short sale they agree to take less than what is owed on the loan and forgive the rest of what the current borrower owes on the house (if the real estate agent negotiates this into the ... more

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