Myth # 3: A short sale is the same as a pre-foreclosure.
A short sale is a home being sold for less than is what is owed on it. A pre-forclosure is a home in some stage of foreclosure because the owners are behind on their mortgage payments. Many banks will not approve a short sale unless the owners are in default, but not all.
Just remember, nothing is normal in a short sale. Some short sales can get done without the owners being in default. They may have to sell for family or work reasons and want to maintain their credit as much as possible.
It is also true that a short sale may be in a pre-forclosure stage. A bank can auction the home even when a buyer has a contract on it. Buyer beware.
Uncle Fred
visit my website: www.fredsporch.com
Saturday, August 7, 2010
Short Sale Myth #3
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