Buying a short sale property in Oregon is much more complicated than a conventional home sale. Know what you’re getting into before making an offer.
You’ve found the perfect house, or so you think, but before you make an offer, find out whether it’s a short sale. Short sales are more involved, often take much longer than the run-of-the-mill closing, and contrary to popular belief, aren’t always a financial steal. Is the short sale you’re looking at worth the hassle?
A short sale differs from a foreclosure property in that the homeowner of a short sale still owns his house and has a say in its sale while the homeowner of a foreclosure property really doesn’t own his property anymore—the bank does. That means, if you are looking at a short sale, you have to deal with the homeowner and the bank that holds his mortgage.
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