Tagged : Short Sales 
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Buying a Short Sale
Tuesday, December 2nd, 2008 at 2:34am. 436 Views, 0 Comments.
I have been meeting many Buyers thinking a Short Sale is the same as a Bank Owned Foreclosure (REO). Well, it is not. A Short Sale is still owned by the current owner but is in Notice of Default and currently negotiating with the Lender on doing a Short Sale so the home won't get Foreclosed on. Also by meaning Short Sale, it's the Lender willing to let the sale of the home at a certain price even though the current owner owes more than that price. Short Sale can also be referred as Short Pay.
Now buying a Short Sale. Sometimes Short Sale can get confused with the home selling fast. Actually the Short Sale process can take months for it to Close Escrow. You asked why!?! Well the Lenders are currently just swamped with requests on Short Sales. …