What’s a Short Sale? 7 Things You Should Know Before Buying
Follow these strategies to navigate the short-sale process and score the home you want.
Though buying a house can be stressful, the reward is great. Landing somewhere you love helps make the ups and downs of buying worth it. A short sale may have more peaks and valleys than other home-buying experiences, but with the right expectations, it may be the best buy you ever make. If you’re asking, “What is a short sale?” you’ve landed in the right place.
What is a short sale?
A short sale is when an owner is selling their home for less than the mortgage they owe on it. The lenders may agree to take a “short” on the mortgage to release it for sale. Typically, this is seen as the last step before foreclosure.