Primer: Pre-Foreclosures and Short Sales
We’ve all heard about foreclosures for some time now. But what about pre-foreclosures? That’s different. What does it mean? Probably, just what you think it means. We’re talking about a property that’s not yet into foreclosure officially. The owner of the home is simply late on their payments. A type of pre-foreclosure where the owner owes more money than the home is worth is called a short sale.
In this article, we’re going to cover four important aspects of purchasing a pre-foreclosure or short sale property.(more…)