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SHORT SALE VS FORECLOSURE What is the difference between a Short Sale Property and Foreclosed Property Listing?

Mon, Apr 25th, 2011
Posted in Ask the Expert

Roxanne Johnson

A: Foreclosed Property is a property that has already been through the legal process of foreclosure and is now a "Bank Owned Property."

A Short Sale: Is a property listed at a price below the amount needed to pay off the amount owned on the property. Once a Short Sale is submitted for the lenders approval, the real work begins. The bank has no obligation to agree to a Short Sale.

For a buyer, a Short Sale benefit is that the seller is usually still occupying and taking care of the property and the property is usually in better condition than a Foreclosed Property. However, it can take a long time to process and the seller is usually not willing or financially able to make repairs or take care of items noted in an Inspection Report.

Short Sales are slow to process and close so waiting is the name of the game.

Re/max Select Properties

25 Center St. W, Harmony, MN 55939

Toll Free: 888-839-2142


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