Legal proceeding by which a borrower's rights to a mortgaged property may be extinguished if the borrower fails to live up to the obligations agreed to in the loan contract. The lender may then declare the entire debt due and owing and may seek to satisfy it by foreclosing. Foreclosure is commonly by a court-decreed sale of the property to the highest bidder, who is often the lender.

A sale of a house in which the proceeds fall short of what the owner still owes on the mortgage. Many lenders will agree to accept the proceeds of a short sale and forgive the rest of what is owed on the mortgage when the owner cannot make the mortgage payments. By accepting a short sale, the lender can avoid a lengthy and costly foreclosure, and the owner is able to pay off the loan for less than what he owes.

Many people are able to keep up payments to the lender but are unable to handle the costs of the day to day maintenance of their home. Homes on the market that needed minor repairs or cosmetic work still sold in the seller markets of past years, but now the competition is so tough that many of the owners are willing to take deeply discounted prices for their homes. From true fixer-uppers to homes that need a little “sweat equity” both can add up to big savings for you.

It was common practice prior to 2006 to buy or build a home prior to selling their current residence. When the market turned, it created record numbers of homes that stand vacant while their owners are paying two mortgages. That can be powerful motivation to sell at a price that is lower than a seller would typically accept.

Our buyer agents can search for up-to-the-minute lists of properties that meet our client’s specifications and represent great opportunities for bargains. If your bottom line is price, you need the help of the Jim Bass Group’s Buyer Agents. They can explain the steps to take to find the best deals out there.

E-mail us now to set up an appointment for a buyer consultation. We will arrange to have you pre-qualified/pre-approved. We will go through the details of how to be a savvy buyer and will create a current list of available hot deals for you to choose from. The list is free to clients of the Jim Bass Real Estate Group.