What is a short sale in real estate, and how can you take advantage of it when buying a home?
This term refers to the process of selling a property for less than its mortgage value. It serves as an easier alternative when facing foreclosure, because it spares the homeowner from loan payments and allows creditors to recover at least part of the money that was owed to them.
If you're looking for a great deal that would save you some money, you may want to consider buying a short sale home. Not a lot of people understand how this type of transaction works, so you will have less competition to worry about.
A short sale would also work to your benefit should you purchase a property for investment purposes. Here's an awesome idea, have it rented out! You may even negotiate rent with the former owner, should they be interested with living in the same home.
Learn more about short sale homes here: https://longislandshortsaleagents.com/