Bank Owned v.s. Short Sales

A short sale is when a seller sells their home for less than what they owe on it. There may be tax consequences (consult your tax specialist or accountant) and other liabilities that the seller may incur for doing a short sale. When the home does not sell or the seller abandons the home the lender may foreclose on a property and the bank becomes the legal owner at that point. For simplicity sake this is it in a nut shell. For the seller this is not a good place to be. For the buyer a short sale or bank owned property can mean opportunity to buy a home at a good price, or does it? You still have to do your homework, check the comparable sales in the area as well as make sure that the work that needs to be done to the house is something you are willing to tackle both physically & financially. I can help you work thru these questions are well as any others you might have.