The most frequent question we receive is “What is the difference between a short sale and a foreclosure?” Well, it is true that you can find a great property at a great price, but when dealing with short sales and foreclosures, patience is a virtue! These properties take a little longer to get to closing, but if you are smart and patient, you can purchase property at an unbelievable price!
Short sales are properties that are in pre-foreclosure, meaning the homeowners are behind on their payments and trying to stop foreclosure procedures. Normally, short sale properties are worth less than what is owed. In an effort to avoid the foreclosure, short sale homeowners have their house on the market and are in contact with their lender about what price they can sell their home for and asking forgiveness for the amount underwater.
Foreclosures are properties that the banks have taken over. An agreement between the homeowner and bank could not be reached during the short sale process or the homeowner willingly just walked away. These properties typically take longer to get to closing. If you are considering purchasing a foreclosure property you can wait to get to closing anywhere from 6-12 months. If you time it right, it is the best way to get a great property at an unbelievable price!
If you are considering a move a foreclosure or short sale could save you thousands!
See available foreclosure and short sales available in the Indianapolis area!