Short sales are distressed sales occurring when a home has more debt than it has value. Owners seek approval from their mortgagor to sell short. This means the sale will not cover the mortgage and the Mortgagor must wave the difference or try to collect a deficiency. These sales are usually time consuming with no clear understandable process. Many of these sales just never get finished for a wide verity of reasons. Appraisal, repairs and disclosure issues often are irresolvable. Short sales can be difficult, however, there can be great buys. Mortgagors are getting to a point of defining a process and this will help. The alternative is to buy a foreclosed property.
Search for Short Sales!