Short Sales are similar to Foreclosures but there are several key differences. In a Short Sale, the current home owner can agree with the bank to quickly sell their home at a price that is less than is owed on the mortgage. The seller is forgiven of the rest of the debt, and is able to escape bankruptcy. The lender avoids the long process of foreclosure. Short Sales are often seen as a “win-win” for both sides, because both parties can escape some negative consequences.
Short Sales represent an opportunity to get a great deal on a home; however the actual purchase of the house can be complicated and can require some patience and a fair amount of paperwork. The rewards however, are obtaining a nice house for much cheaper than the market value. Allow us to help you find the perfect Short Sale in Burley for you!