The Basics of Real Estate Investing: Buying Short Sales
Sep 03, 2009 
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What is a short sale? To keep it simple, we can define a short sales as a scenario where a lender agrees to accept less that what is owed on a mortgaged property in exchange for considering the debt satisfied. If a bank approves it, it is because for them it presents a better alternative than taking the house through the foreclosure process and selling it into the current open market. We’ll cover this topic in greater detail later on.
The main advantage to buying on a short sale, of course, is the ability to buy discounted property, without the constraint of what the current lien on the home is.
However, there are certain disadvantages, too …
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