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Short sales: Beneficial to all involved

Short sales can be beneficial for a person whose mortgage is underwater. The short sale helps the individual sell the home without taking a loss, and the mortgage company gets more money than if it were to sell the home as a foreclosure. The lender forgives any remaining balance on the loan, which helps the seller move forward without excessive debt.

Sellers who pursue a short sale are likely to suffer some damage to their credit scores, but the damage is not likely to be as bad as with a foreclosure. As a buyer, you're able to get a home at a reduced price. It's normal for short-sale homes to require some work, since the seller may not have wanted to put any money into a property that was already of negative value.

Buying a short sale can be a long process. If you're interested in purchasing the home, you'll need to make a fair offer. Then, you have to wait for the mortgage lender to approve, reject or negotiate with you. This can take several weeks or months. Is it worth the wait?

You may be able to get the property at a significant discount, and the lender might offer you favorable financing terms to make your decision to purchase the property easier.

Whether you're looking for a home you can move into right away or are more interested in saving money by purchasing a short sale or foreclosure, out website has more information. Educate yourself, so you know what to expect when you start looking for your new home.

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