What’s The Difference Between Shortsale & Foreclosured Homes?
There is a great deal of difference between a foreclosed home and a shortsale. Let’s start by saying that both these transactions involve the bank that held the mortgage on the home. However, a foreclosed home is actually Owned by the bank, whereas in a Short Sale, the transaction is still between the buyer and homeowner with the contingency of bank approval. Shortsales are by far the most difficult for a buyer to deal with (don’t do this without a Buyers Agent!), especially in the last 6 months or so. During the previous couple of years when shortsales were coming to the...
Read MoreAs If Shortsales Weren’t Bad Enough..Now This!
Short sales at the very least can be frustrating, long, and tedious transactions not only for the seller, but the buyer as well. It almost seems that the real estate gods are against both parties in bringing shortsales to close in this market. Now, the banks (at least some of the bigger banks) are complicating the matter by edging the gray line of “illegal” forward. Watch this video from a report by CNBC to learn more… Let me hear what you think! ...
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