Should I Consider Buying a Short Sale House?
A short sale house is a house facing foreclosure for which the lending bank has agreed to accept less than is owed on the current mortgage from an interested buyer. If you’re thinking of making an offer on a house in short sale status, don’t be fooled by the term “short sale.” While an interested buyer may think that the home sale will take place within a short timeframe because both the owner and lender want to sell the home before it enters foreclosure, the term “short sale” actually refers to the sale price, which will be short of the amount of money owed on the current loan. Buying short sale houses can actually take longer than a traditional house sale, and the process can often be more stressful for both the buyer and seller.
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