Description
What is a short sale? You have probably heard this term used frequently lately and have no idea what it means. A short sale is a type of real estate investment that flourishes in a down market. Right now, most of the United States is in what is known as a buyer’s market. This means that there are more homes on the market for sale than there are buyers. When supply exceeds demand, the prices drop. This is not the case in all areas of the United States. In some still coveted areas, the supply of home has not exceeded the demand and the housing values have stayed the same or even appreciated. For the most part, however, the residential real estate market has crashed. States such as Florida, California and Nevada have an influx of foreclosures. In many areas of Florida, short sales are the normal financial transaction for a real estate closing.
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