Houses for short sale?
I’m looking for a house that is lower than the regular market value, yet not for foreclosure, in NYC (preferably queens or Brooklyn in a good area). This led me to look into house for short sale. I am pre-approved and have enough money to put down. How can i get into the competition of buying this kind of house? Are there people who have a specialty in houses for short sale that I can call, etc…..?
Thanks
Difference between short sale and foreclosure on my house?
We owe more money than what our house is worth. My realitor is suggesting a short sale or a foreclosure, what is the difference? Which will hurt my credit less?
Your Realtor did not explain this to you? They both will hurt your credit, so that should not be a factor.
A short sale means the bank will allow you to sell the house at a loss and they may take the hit. If it forecloses they will evict you and take the house back to auction it off.
Either way is not good.
Good luck,
Talk to your agent, or better yet your attorney