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Search for short sale property auctions near your area or in nearby cities and counties. Short sale properties present a unique opportunity for those looking for a home to live in or for a rental property. Short sales are often move-in ready and might require little to no repairs.
How do short sales work? When a homeowner is faced with the possibility of a foreclosure, a lender might be willing to work with them and enter into a short sale agreement. The negotiations between the homeowner and bank might result in the bank accepting an offer on the home that's less than the total amount owed on the mortgage. In other words, the sale will come up "short" of what is owed to the lender. The current owner of the property -the borrower-avoids a foreclosure and the lender saves time and money by not needing to go through foreclosure proceedings.
How does a short sale auction benefit you? It offers you the possibility of purchasing a property from a motivated seller at a price that's below market value. These properties are often available for showings which allows you to do your due diligence prior to bidding. You can also find an abundance of information about the property on Hubzu, from photos and rental estimates to property details and local school information. Start your search below and begin bidding today.