Buying Via Short Sales

Pre-foreclosure sales, also known as short sales, are a good option for people looking to avoid foreclosure. In short sales, lenders agree to accept less than what is owed against the home.

The term “short sale” is quite a misnomer, as negotiating one can be quite drawn-out. The more people involved, the less likely the negotiation will be finalized. All parties must agree on terms, so the short sales can drag on protractedly.

Lawyer’s fees are typically higher in distressed property transactions. In short sales, liens are adjudicated to benefit owners, but liens are annulled during the foreclosure process. Seek an attorney’s counsel before deciding upon your course of action.