When a homeowner owes more on their mortgage than their house is worth, they may consider selling their home as a short sale. A short sale is a transaction where the lender agrees to accept less than the amount owed on the mortgage in order to avoid foreclosure. Short sales can be a good option for homeowners who are facing financial hardship and cannot afford to make their mortgage payments.
There are a number of benefits to buying a house short sale. First, short sales are often priced below market value, which can save you money on the purchase price. Second, short sales can be a good way to get into a home with little or no down payment. Third, short sales can help you avoid the foreclosure process, which can damage your credit score and make it difficult to qualify for a mortgage in the future.
