What is a Short Sale & Can it Benefit the Home Buyer?
Are you curious about short sales and how they can affect you? Let Devine & Associates help answer some common questions in regards to short sales on homes. Short sales, although not extremely common, do occur in the real estate business. As a potential home buyer in Eldon, MO, this is an important factor that you should consider when purchasing a home. In today’s blog, your Mid-Missouri real estate company will explain what a short sale is and the pros and cons of buying a short sale. What is a Short Sale? If a seller needs to sell their home, but cannot get their desired price for it, they may go through what is known as a short sale. Simply put, the seller will accept an offer that is “short” of what they owe the lender on their home, and the lender agrees to accept taking less than what is owed on the mortgage. This can save the buyer money, but it does come with a lengthy real estate process of its own. What is the ...