In these difficult times a lot of homeowners are having to either sell their home below what they currently owe on the mortgage (Short Sale) or in some cases have their home go into Foreclosure.
With these types of homes in the market buyers may be able to find a property at a great price. Please keep in mind that not all foreclosed properties can be financed. Some of these homes exhibit damages or other symptoms that will not allow for a buyer to obtain financing.
A short sale occurs when a property is sold and the lender agrees to accept a discounted payoff, meaning the lender will release the lien that is secured to the property upon receipt of less money than is actually owed.
Foreclosure is the legal and professional proceeding in which amortgagee, or otherlien holder, usually a lender, obtains acourt orderedtermination of amortgagor'sequitableright ofredemption