Some Homeowners unfortunately can find themselves struggling to meet their monthly mortgage payments.
When Homeowners fall behind and can no longer meet their mortgage payment commitment, sometimes there is the option of a selling their home by the process of a "Short Sale" to help avoid a foreclosure.
Foreclosures occur when the bank/lender forces the sale of the property in order to recoup the balance of the outstanding mortgage loan owed. For the Homeowner a foreclosure can have a detrimental effect on their credit history and restricting future borrowing. Homeowners should do all they can to avoid a foreclosure.
If the bank/lender agrees to a short sale, it’s a "Win Win" for both the Homeowner and the bank/lender. The Homeowner’s credit is unaffected and the bank/lender saves themselves the expense and time of dealing with a foreclosure.
For buyers considering a short sale, please note, that it is the bank/lender that gives its approval and accepts the terms of the sale. Even if the buyer’s offer is accepted by the seller the sale cannot proceed without the bank’s/lender‘s say so.
Buyers, you should not enter into a short sale purchase purely on the basis that you believe you may land yourself a "good deal". A short sale by name isn’t by nature a short process and can take up to year to complete the sale.
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