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Foreclosure Insurance

In a short sale, the market is clearly not the same. Indeed, there are considerable advantages for buyers that capitalize on short sales, but the process is also more tedious than buying on standard terms. As a short sale buyer, you should first know that the house may or may not be in the greatest condition. With financial hardships, the seller may not have been able to groom the house, meaning that you, as the buyer, will need to apportion extra money for necessary additions and repairs. However, since you're receiving the house at what should be a much lower price, the home may still be worth it, even with its less than impressive conditions. If you do choose to but the house, you will engage in a series of steps, some that are the same as standard buying and others that may not be. For example, there are additional forms and paperwork that are needed to legalize a short sale.

Fast Facts

  • Foreclosure insurance does not prevent insurance

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