What Is a Short Sale on a House? Overview for Home Buyers
Posted by Lang Realty Blog on
If you’re buying or investing in residential property in Palm Beach or Martin counties, this may be the best real estate market in years to consider a short sale. Closing usually takes longer, but it may be well worth it. Even luxury housing is offered on short sale now.
What is a short sale on a house?
It’s when a homeowner can’t keep up with mortgage payments and will sell for less than the mortgage balance, avoiding foreclosure. Florida law requires the lender to approve this type of transaction. Most lenders will consider a reasonable discount, as much as 20% off the cost of the property’s fair market value.
Lang Realty specializes in short sales and keeps up-to-date listings on condos and homes on short sales for every budget, from…
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