If you own a home that has become too much for you financially, selling is often the best option. You don’t have to wait for the property to be foreclosed on, even if you are behind on your mortgage payments. Many lenders are willing to work with homeowners who simply can no longer keep up with their payments.
Real estate agents will often have buyers who are willing to purchase a home that is being sold as a short sale. This simply means that the lender is willing to accept less than what the current homeowner owes on the property. This can be an excellent way for short sale home buyers to get a good value, but it’s also important that the buyer understand the process.
Sometimes a short sale can require a little extra effort on the part of the real estate agents and others involved in the transaction, so it might take a bit longer to close on the property.
