Real Estate Short Sales

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A short sale means that the lender has agreed to accept less than the total amount due on the property. Not all lenders are willing to accept deals using a short sale. Thats especially true if the lender would get more money out of a property by foreclosing on it instead.

There are benefits and drawbacks to short sales and the best thing you can do to cover yourself is to get in contact with a real estate lawyer for advise and an accountant to discuss short sale tax ramifications.

The great thing about buying a short sale is that you are getting the property pre-foreclosure. That means you are probably getting a really good deal.

The bad thing is that there is a lot of channels to go through and it takes a good deal longer to close on a short sale property than a normal sale.

My best advise before making a move on any short sale is to contact a good real estate agent and a lawyer who deals with those sorts of transactions.