Are you a homeowner who is upturned in your credit? Destabilized financial crisis has been affecting many people. You owe more than your home is cost, and you can no longer pay your mortgages.
A short sale may be an option you would want to think about. Short sale properties need bank approval before it is released for sale in the real estate market. Although, it may take time and involves a complicated process, the advantages are definitely worth the wait.
Sometimes home buyers would have to wait four months and longer to close on a short sale.
Lenders are completely aware of how awful the foreclosure crisis is and that they will end up losing their homes.
A homeowner would be able to avoid foreclosure. Also, short sale causes less damage to the lender's credit report and appears good on paper.
The biggest advantage to buyer is the prospect of moving to a home at a great discount. Mortgage lenders can also profit from short sales.
If you are a buyer who would like to consider entering into short sales, this does not mean that you are acquiring the home under market and these homes are not bargains.
Have a real estate professional who can help you with the process and protect your interests. Home buyers may get a great property at a low price; however, they will need to go through a lot of paperwork.
You also need to seek legal advice from a competent real estate lawyer.