Short sales and foreclosures are very similar in nature, but the process of a short sale is different from a foreclosure. A short sale occurs when a homeowner is no longer able to make or stay current on their house payments. The homeowner then has the option to make an agreement with the bank to quickly sell the home in order to make up the money lost from their inability to make payments. This process helps the previous homeowner to avoid bankruptcy and heavier credit problems, and it also can help the bank to escape the complicated foreclosure process.
Unlike a foreclosed home, a home sold as a short sale has usually not been abandoned or left unoccupied for an extended period of time. These homes do not usually require extra care or additional repairs because they are left in great condition. The process of finalizing a short sale can take an extensive amount of time because it does require a significant amount of paperwork. Therefore, it is highly recommended that one works closely with an agent or a well educated individual in order to make the process easier.
Even though this process can take more time, the home you can buy and the pennies you can save are usually well worth the wait. The opportunity to gain such a home is a chance that no one would want to pass up. Find all the short sales in this area and start seeing your housing dreams turn into a reality!