With many Americans facing the very real threat of foreclosure, many homeowners are looking for ways to avoid it. One option, and a topic that has garnered a lot of interest, is a real estate short sale. This has become the most sought after avenue sellers are using when facing a foreclosure. It is used primarily when a seller is “under water”, or when the mortgage amount on their home is more that their home is currently worth.
To help understand how a short sale would relate to or differ from, a foreclosure, it may be helpful to point out that short sales are commonly referred to as “pre-foreclosure sales” which, as the name implies, precedes the home being officially repossessed or foreclosed on by the lender...Read More