buying a short sale, definition of a short saleBuying a short sale home may be one of the best real estate investments you make during this time. Unless you find the home of your dreams being sold on the conventional real estate market, you will make instant equity when you are buying a short sale. The definition of a short sale is when current owners and their lender agree to sell the home for less than the amount owed on the mortgage. These people may have purchased their homes at the top of the market when home values got way too high, and after the real estate market hit the skids, they lost lots of value. They probably see no other way out of their home other than the short sale.

Buying a short sale is not necessarily a quick process. There are lots of forms for everyone involved, and the bank may be considering many offers, not just yours. If you work with a Realtor who has solid short sale experience, the process may go more smoothly, and yours might be the winning bid. buying a short sale, definition of a short sale