Are Short Sales A Good Bargain?

In this economy, where many homeowners are desperate to sell their homes, short sales can be a great bargain for the well-informed homebuyer.



"A short sale," according to Greater Minneapolis/St. Paul realtor and real estate blogger Tom Sommers,"is when the seller is saying to the bank, "we can't afford to stay here due to financial hardship. Can you let us sell it for less than we owe?" That's what creates the short."

The bank often agrees to the short sale because it guarantees, even at a loss, a larger percentage of money back. Also, the bank doesn't have to go through the expense of the foreclosure process and doesn't have to kick anyone out of their home.

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