Foreclosure VS Short Sale - The Differences!

You know, people talk about buying foreclosures or buying a short sale. So what exactly does that mean? Well, pretty much everyone knows what a foreclosure is. That’s something where the banks — who held a mortgage on the property — have the ability to collect that mortgage and foreclose on the property and title now belongs to the bank. That’s very important because when a foreclosure happens and the bank has the title that means when you buy it you get a clear title. Now, I wanted to tell you a little bit about a short sale because that’s the complicated one and that’s something you should be aware of. When you are thinking about looking at a home that is in a short sale situation, chances are it will be listed and programmed in the MLS as being a short sale. What does that mean? Discover more about short sales and foreclosures by listening to this short Berger Point! Join me on Substack for the latest Berger Points ---> https://bergerpoints.substack.com Download my 1st Time Home Buyers Guide for FREE --> https://bergerpoints.com Join me on Substack for the latest Berger Points ---> https://bergerpoints.substack.com Download my 1st Time Home Buyers Guide for FREE --> https://bergerpoints.com