It's an interesting time to be shopping for a new home. First-time home buyers will have the benefit of not having to sell a home in a down market in order to buy their new home. Current homeowners will have a slightly more difficult time, as they will be receiving less value from their home than they originally expected, but will also be able to get into a new home for less than expected. Find a good real estate agent, and they will go a long way toward steering you through the potential minefield of the modern housing market. Your real estate agent may also be able to put you in touch with a good mortgage broker. You'll be enjoying your new house before you know it!
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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.