Ever heard short sales but don't know how they work?
A short sale is a pre-foreclosure sale when a home facing foreclosure – but not officially foreclosed on - is sold at a price less than the debt owed. A buyer gets a great deal on home and a seller avoids foreclosure.
A short sale buyer still needs to be prequalified for the purchase and have an agent already.
In May, the US Treasury offered incentive for buyers to participate in short sales. If borrowers meet the minimum requirements for the Making Home Affordable plan but didn't get a loan modification or couldn't sustain payments under a trial period then they could get a $1,500 incentive payment to pay moving expenses after doing a short sale or died-in-lieu.
There are quite a few short sales in the Logan, Utah and Cache Valley area right now. It’s a great way to buy a home or a piece of real estate. The only disadvantage is that it can take a long time because you are at the mercy of the banks and lending institutions.
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