Buying a Salem Oregon Home-What is the Difference Between a Foreclosure and a Short Sale?
By Mel Wagner, Principal Broker/Agent Salem Oregon Real Estate
(Knipe Realty)
Buying a Salem Oregon Home-What is the Difference Between a Foreclosure and a Short Sale? This is a common question asked by almost all first time homebuyers these days, as there are so many foreclosure and short sale homes on the market. Short Sale A home that is being sold as a short sale is a home that the sellers still own. The home becomes a short sale when the sellers cannot sell the home for the amount of money that they owe on the home. This means that the sale of the home will not pay off the mortgage or mortgages. When that happens, it is a called a short sale because the lenders agree to take less for the home than what is owed on it. Getting involved with buying a home that is a short sale takes a lot of patience because there is nothing short about the time it tak...
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