The Difference Between Foreclosures And Short Sales

Dated: 03/21/2018

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Fortunately we are starting to see less distressed properties for sale in most markets, but theydo pop up. Often buyers are confused about the common terms used; short sale, foreclosure,distressed are all terms found in listings and can be confusing.First of all, the term “distressed” is a catchall term for any property that is not being sold in amore traditional manner. It certainly includes both short sales and foreclosures, but can alsobe used to describe a severely damage property which might not be able to obtainconventional financing due to lack of livability. 

Short Sale- A short sale is a home where the seller owes more than the home is worth and is asking theirmortgage holder to accept less than they owe in the sale. The purchase price must have theirlender approval. 

Foreclosure- A foreclosure is a home which was lost by the previous owner and is now being offered forsale by the bank that held the old mortgage note.

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Shelby Stanley

Shelby specializes in the sale of new and existing homes in Myrtle Beach, North Myrtle Beach, Conway, Garden City Beach, Surfside Beach, Litchfield and Pawley's Island. She is known for outstanding cl....

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