Foreclosure or Short Sale
Foreclosure is a process in which a lender attempts to recover the amount owed on an outstanding property loan once there is a default of payments. This is usually done by selling or taking ownership (repossession) of the property.
A short sale occurs when the homeowner finds a wiling buyer and then negotiates with the lender to accept less than the full balance of the loan at closing (typically to avoid foreclosure).
Whether you are a first-time home buyer or experienced investor, it is always wise to work with a REALTOR® when dealing with foreclosures or short sales.
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