distress properties: Is a Short Sale a better alternative to foreclosure and bankruptcy?
- 08/05/07 04:17 PM
I often get asked about Short Sales and have come to realize that many people do not know what that is. First, let me educate you on what a Short Sale is in terms of real estate. A Short Sale means that the value of the home is worth less than what the borrower / homeowner owes on it. For example, a homeowner bought a home in 2005 for $550,000. The market shifts, inventory is high and the homeowners are in financial trouble. The home is now two-three months behind in mortgage payments and the lender has issued a Notice of Default (NOD) … (3 comments)
I often get asked about Short Sales and have come to realize that many people do not know what that is. ;)
;)
