Bank Foreclosures Listing
Foreclosures VS Short Sales
Short sales, also known as pre-foreclosure sales, are an option for people looking
for a way to avoid foreclosure. In a short sale, a lender agrees to accept less
than the amount owed against the home. Some sellers don’t have the equity pay all
costs of sale.
The term “short sale” can sometimes seem like a misnomer, as negotiating the sale
can be drawn-out. The more people involved in the negotiation, the less likely it
is to be finalized. Multiple parties must agree on short sale terms, so the sale
can drag on interminably.
The attorney fees are usually much higher in foreclosure transactions. In short
sales, liens are negotiated that benefit the owner, but liens are quashed during
the foreclosure process. Seek counsel before determining your course of action.