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A lot of people have been asking me about the differences between a short sale and a foreclosure. They are both different kinds of distressed properties, and I’ll tell you the difference today.
A foreclosure is a home that a bank owns because it was repossessed due to an owner’s inability to pay back a mortgage loan.
A short sale is a process in which a bank allows a homeowner to sell a home at less than what they owe the bank. This usually happens because of a drop in value.
I did a search this morning, and we are seeing more short sales and foreclosures because of the rise in prices in the area. I actually expect a 50-60% increase in the number of foreclosures. The market has been white-hot the past few years, and it’s simply time for it to cool down a little. No need to worry, though, our market is still very strong!
Please don’t hesitate to contact me if you need help buying or selling a home in Houston!
