When a defaulting home owner's lender accepts a lesser amount of compensation against a mortgaged real estate and makes a sale, he just entered a short sale. A short sale is one that falls 'short' of the actual value of the property. A foreclosure, on the other hand, involves a legal binding denying the defaulter the right to redeem the mortgage. The proceeds generated on the short sale are less than the actual value of the estate. In a foreclosure, the real estate is simply reposed if the homeowner is unable to abide by the payments. The processed both involved certain difficulties in its implementation. Accordingly, the short sale is considered a better alternative to foreclosure.
south florida foreclosures
Foreclosure has been known to be a shutout, a bar, an extinguish of a mortgagor's right of redeeming a mortgaged estate. All rights of the homeowner covered by a mortgage are terminated. Foreclosures occur when payments aren't made on a loan that is secured by real estate, and the lender takes the real estate because those payments have not been made.
House Foreclosures in Florida
These are the how to's in investing in South Florida foreclosures. This is important to note because investing in foreclosure requires preparation and skill se t you must acquire first.