I keep hearing all of this talk about great real estate deals through short sales.  WHAT IS A short sale AND HOW DO I GET ONE?

www.shortsalesinpanamacity.com

short sale:  (Real Estate)  The sale of a property for less than what is owed on the property.

In an approved short sale, the lender agrees to accept less than is owed for the property, and the homeowner is relieved of the debt.  A lender may be willing to do this because it spares a lot of hassle and expense involved in executing a Foreclosure.  And typically, a short sale does far less damage to the homeowner’s credit than a Foreclosure does.

What does this mean for me when I buy a short sale?

Buying a short sale typically takes longer than a normal transaction but it can be very rewarding and worth the wait.   A short sale takes longer due to the approval needed from the bank who holds the note on the mortgage.   We have seen homes sold for as low as 60 cents on the dollar making the new buyer very happy.  

To find your short sale deal in Panama City, go to www.knowpayneknowgain.com