short saleIf you want to take advantage of the dismal housing market by buying a short sale home, you should contact a real estate agent who specializes in short sale homes. A short sale is when the owner of a home owes more on the mortgage than the home is worth, and the bank will let them sell it for appraised value. A short sale is little more complicated than buying a conventional home, but you can often get better values with a short sale compared to homes that are not distressed. There is more paperwork associated with a short sale, so if you have time and are in no hurry to acquire the home, you really should consider a short sale.

Sometimes foreclosed homes require some maintenance or redecorating. That seldom happens with a short sale. Almost all these homes are in good shape, some are relatively new, and they should be move-in ready after you close. You won't find a forest of weeds in the backyard, unlike with a foreclosed home that has not had any yard maintenance for months, so if you want turn key properties, look to the short sale market, and let your Realtor do most of the work.