A short sale is a type of property that is, potentially, being sold for less than what the current homeowner owes on it. A verified short sale is one that the lender has already agreed to. That means that the lender has agreed to allow the homeowners to sell the home for less than what is owed, and allow them out of the financial constraints of the mortgage loan. Short sales may be necessary for many reasons, such as the seller's risk of foreclosure or need to move quickly. Yet, for mortgage lenders, that means a cut in profits. This makes buying a short sale sometimes a difficult process. There are some tips that can make the process easier on you, the home buyer.
#1: Are You an Investor? Get Educated First
If you plan to buy short sales for their…
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