Short sales

What are short sales? Well they are home sales where the seller is short to payoff his mortgage with the sale of his or her home. So essentially the bank has to accept less than what is owed so they can sell the home. Short sales can be a way for the seller to avoid foreclosure but also a great buying opportunity for the buyer. You have to be patient as banks can take a long time before they will make a decision on this especially when they are losing alot of money on the deal.

First time home buyers are in a great position right now to buy one of these because they don't have to sell a home in a down market and they can make a non-continguent offer since they are currently renters. I have several clients who are looking for a short-sale right now and some work out and some don't so don't get too dissappointed if the bank says no because if the bank feels the homeowner can make the payments still they may not be so willing to accept your offer.
Most banks do not want to sell the home through a foreclosure sale at the courthouse. More on this later have a great day!