Investment and Vacation Real Estate - Orlando, Florida

There are some great deals out there right now in the housing market — particularly with foreclosures and short sales — but let the buyer beware: You could be buying a money pit.

A foreclosure occurs when the homeowner can't make his or her mortgage payments and the bank seizes the home and re-sells the property, without giving anything to the homeowner.

A short sale is the Hail Mary pass of the housing market, where a seller, teetering on the brink of foreclosure, agrees to sell the house for less than the current mortgage on the house and the proceeds are used to repay the seller's lender.

Any way you slice it, you're dealing with people with big financial problems and you don't really know what you're getting. If you're going to make a six or seven-figure gamble like that, you’ve got to do your homework and go in there with your game face on. Put your trust in your spouse — seriously, you’re gonna need it — not in the listing agent.  complete story

Source: CNBC - Cindy Perman

Posted by Real Estate - Associates on August 13th, 2009 9:08 PMPost a Comment (0)

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