Many first time home buyers are very eager to buy and move into their first home. Often we find first time home buyers jumping for joy after just previewing 3 or 4 homes in their price range. Being a Realtor involves due diligence in the sense of finding first time home buyers a home they can call a starter home. So what better than a home that they can buy for less than the actual market value if they are willing to wait for the sales cycle to come full circle.
A short sale is a home for sale by the homeowner for a price lower than the amount owed on the mortgage. The lender(s) will have to approve the purchase price, cover all commissions and fees, and in most cases, cover delinquent HOA fees.
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