A lot has changed in the world of real estate over the last decade.As difficult as it may be to believe, the mortgage collapse was over ten years ago. One of the defining terms shortly after the collapse was “short sale”. There is a good chance that even if you were in real estate you probably never heard of it before 2008. In the years following, short sales were the driving force behind a majority of all total real estate transactions. While the overall number has greatly declined in recent years, there are still a good number of short sale transactions happening every day. It is important to understand the process, both as a homeowner and an investor. Here are the five basic steps associated with almost every short sale transaction.
There are state specific rules for foreclosure and short sale that should be reviewed prior to moving forward. Regardless of what side of the transaction you are on, a short sale can be a viable alternative in the right situation.