Short sales are a great way for sellers to avoid foreclosure. In short sales, lenders agree to accept less than what is owed against the property. Some sellers do not have enough equity to cover a conventional sale.
Negotiating short sales can take a long time, despite the name. They can drag on interminably, as multiple parties have to agree on the terms. “Short” sales subsequently don’t always live up to their name.
Lawyer’s fees can be high for buyers in short sales, as liens are negotiated to benefit the seller. Seek counsel from an attorney before you decide on your course of action. Short selling your home can give bring about negative consequences such as a low FICO score.
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