SHORT SALE: A home that is available at a purchase price that is less than the amount owed by its current owner. In this case the transaction benefits the bank by allowing it to avoid repossessing the home in foreclosure.
A short sale is a financial option that is available to the homeowner who is a distressed borrower (someone who is not able to repay their debt). That means they are behind on their mortgage payments and the home is priced less than the outstanding balance on the mortgage or its appraisal.
FORECLOSURE: Is the legal process by which a lender takes control of a property, evicts the homeowner and sells the home after a homeowner is unable to make full principal and interest payments on his or her mortgage, as stipulated in the mortgage contract.
FHA loans can be used to buy almost any type of home, including bank-owned homes and short sales. Thanks to federal backing, FHA-approved mortgage lenders are willing to provide more flexible underwriting and accept smaller down payments.
It's Time To Buy With Confidence & Sell With Success! #YourPremierRealtor
Natalie Nicole, M.S.A.
3100 Gentian Blvd
Office 12 | Suite 007L
Columbus, GA 31907
Licensed With Century 21 Premier Real Estate, GA
7830 Veterans Parkway
Columbus, GA 31909
Phone: 706.576.2400 Ext. 60
P.S. I Am A Veteran & A Home Owner, I Write From Hands-on Experience... Soldiers Never Shoot From The Hip...
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