Because they became known for being a “great deal”, many buyers started searching for either foreclosures or short sales. The two became synonymous with each other, and while many home buyers and investors continue to search for these types of listings, they often ask what the difference is between the two.
In the past few years, the word foreclosure has been associated with the thought of being able to purchase a dream home for a steal of a deal. Although there is some truth to this, this isn’t always the case.
When foreclosure is on the horizon, many homeowners find it in their best interest to sell their home quickly. Unfortunately, as a seller, you do not control how quickly your home sells. On the bright side, you DO control the three major factors that influence whether your home sells quickly or sits on the market.
Foreclosure is a scary word to many homeowners. Few homeowners plan on ever having to go into foreclosure, and in many cases, they face sudden extenuating circumstances that force them to be unable to continue paying timely mortgage payments. In any case, homeowners looking to avoid or stop foreclosure seek the best possible options to get themselves out of the situation and onto the right track financially.
When it comes to foreclosures, the timeline from the first missed payment to the foreclosure sale can be a quick process, during which there are many steps that take place, each inching the homeowner closer to having their home being foreclosed on.