Featured Properties

Short Sales

Is A Short Sale A Good Buyer Opportunity?

May 17th, 2008 categories: Featured Properties, Short Sales

The topic of foreclosures and short sales in a hot one in Phoenix and around the country. The short definition of a short sale is when a seller owes more on their mortgage than what their property is worth.

If that seller must sell, then offers can be presented to the lender than owns the mortgage to see if the lender will accept less than what is owed to satisfy the mortgage.

Unfortunately most lenders will not even look at a short sale (short pay) offer unless the seller is in default of their mortgage. Sellers are faced with either getting a short sale approved or going to foreclosure. Do these situations present good buyer opportunities? The answer is yes, but it takes patience. Read the rest of this entry »