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Ready to buy a short sale?
When a lender and a seller agree to release a mortgage for an amount less than what's owed on the property, it's called a short sale.
Are they good deals?
The short answer is "sometimes". Most people hear the term "short sale" and automatically think of a seller that is in financial trouble and needing to sell their property fast to avert further financial problems. This is sometimes the case and can be an opportunity for a buyer to make the most of another's misfortune. Alternatively, a lender may consider a short sale even if the seller is current with their mortgage, but property values have declined. In cases such as these the reduced price may in fact be consistent with current market values, not below.
How do I buy a short sale?
When it's time to buy, whether it's a short sale or a typical home sale,
Excel Funding Real Estate Services, Inc. can help. Use my experience and knowledge of real estate to feel confident you're getting a fair deal and remain protected during the whole process.