Many factors influence whether buying a short sale will be a great deal for the buyer, including if the lender allows the property to sell for lower than the market value. However, if the property takes a long time to acquire or the offer falls through, then buyers can end up losing time and money. In addition to having a thorough understanding of the short sale buying process, achieving great results requires the buyer to have patience and luck. With help from this guide and by working with an experienced real estate professional, buyers can gain the knowledge required in order to successfully complete a short sale purchase. For informational purposes only. Always consult with an attorney, tax, or financial advisor before proceeding with any real estate transaction. Considerations Before Buying a Short Sale Although many homeowners seek short sales after falling behind on their mortgage payments, this is not always the case. For example, a homeowner may also pursue this option when the market falls, leaving them underwater on their mortgage. Additionally, if the homeowner needs to move before the market recovers, selling the property at a loss may be their only option. Homeowners seeking to avoid foreclosure may

Whether to save money or buy a home outside of one’s budget, foreclosures are a solid choice. Banks place these homes on the market below their value in order to pay off the balance due on the loan. Although these properties are visible alongside traditional listings, the purchase process differs for each. Because extra steps are involved, buyers must explore foreclosures in detail before deciding if this is the right option for them. The following information examines how to find and buy a foreclosure property. For informational purposes only. Always consult with an attorney, tax, or financial advisor before proceeding with any real estate transaction. Where Are Foreclosed Homes Found? Whether navigating a depressed or strong real estate market, it is possible for buyers to find foreclosures for sale by working with a trusted real estate agent, as they have many listing tools at their disposal. Real estate agents can search through the Multiple Listing Service, for example, to spot foreclosures as soon as they are placed on the market. Additionally, government agency websites are a popular place to find these homes. The U.S. Department of Housing and Urban Development, or HUD, keeps a regularly updated list of foreclosures across

Foreclosures can occur fast, as most proceedings begin within 120 days of missed payments. In order to stop a foreclosure, the homeowner must take immediate action by contacting their lender. By starting this discussion at the first sign of a missed payment, it is possible for homeowners to create a plan of action to keep payments current. To help homeowners protect their own assets, the following information explores the top ways to stop foreclosures. For informational purposes only. Always consult with an attorney, tax, or financial advisor before proceeding with any real estate transaction. Foreclosure Do’s and Don’ts Facing a foreclosure is a stressful time for any homeowner, which is why it is important for them to stay focused and do what is in their control to best help the situation. Understanding the foreclosure process can assist homeowners in making the right decisions and avoiding mistakes. Do’s The most important thing for a homeowner to do when facing foreclosure is to call their lender or servicer, as avoiding this step is a critical mistake that can lead to serious repercussions in the near future. It is in the lender’s best interest to help their clients retain their homes and stay