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What is the difference between a foreclosure and a short sale?

April 13th, 2009 · No Comments · macomb county mi real estate market, short sale advice in Macomb County MI, tips for purchasing a foreclosure

For many home buyers in Macomb County there is confusion when it comes to the definition of a foreclosure (bank owned home) and one that is labeled as a short sale.

A home that is labeled as a foreclosure (or REO, or bank owned) is one that the bank already has taken possession of through foreclosure proceedings upon the previous home owner.

When you come across a listing that says “subject to a short sale” it means that the home owner is trying to sell their home for less than what they owe to their mortgage lender.   The mortgage lender has to give permission for this to take place.

Both of these types of sales can be a good deal for home buyers in our area,  but be aware that there are different time frames and paperwork and knowledge that your buyers agent must have to help you through the purchase of either a bank owned home or a home that needs short sale approval.

When you search for homes in Macomb County MI take note of either of these labels (foreclosure or short sale) and ask your buyers agent to explain how the purchase process differs for you and the home owner.

~Kris Wales~   A Macomb County MI real estate agent and partner for your real estate needs.

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Important copyright information: All photos were taken by Kris Wales. Do not copy and use photos for your own use, whether it be for personal or commercial purpose. All articles were written by Kris Wales. Once again, do not copy and use for your own purposes. Important disclaimer: Views expressed on the blog by the author and commenters do not express the views of Keller Williams Realty. All information contained is deemed to be reliable at the time of posting but not guaranteed.