A short sale is when the property sells for less than the amount owed on the mortgage. The lender must approve the short sale because they will be accepting less than is owed on the loan.
As a buyer you need to know a few things:
A short sale can be a long process.
Homes being sold in a short sale are generally sold AS-IS, meaning the seller will not do any repairs.
Short Sale homes tend to be slightly below market value so buyers might be able to get a deal.
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