Buying A House In A Short Sale

In these difficult financial times, more and more sellers are finding they need to sell their homes for less than they owe on their mortgages, known as a “short sale .” This can be a good deal for you as a buyer, as long as you’re aware of the extra time and work required to make it happen.

The seller’s mortgage lender will be considering many factors in deciding whether to approve a short sale, including:

• Whether the seller is deserving of a break, due to financial hardship caused by unforeseen circumstances such as layoffs, divorce or illness
• Whether it would be cheaper to simply repossess the house, make any necessary repairs and sell it through a real estate agent
• How many other properties the mortgage lender currently has in default
• Whether there are co-signors who can be held responsible for the balance owed on the mortgage

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