{"id":18065,"date":"2024-07-26T04:00:18","date_gmt":"2024-07-26T11:00:18","guid":{"rendered":"https:\/\/www.homelight.com\/blog\/?p=18065"},"modified":"2024-07-26T14:59:27","modified_gmt":"2024-07-26T21:59:27","slug":"buyer-short-sale","status":"publish","type":"post","link":"https:\/\/www.homelight.com\/blog\/buyer-short-sale\/","title":{"rendered":"What Is A Short Sale and Is It A Good Idea As A Buyer?"},"content":{"rendered":"

If a homeowner is behind on their mortgage payments, owes more money than the property\u2019s current value, and is in danger of foreclosure, a lender<\/a> may agree to terms of a short sale. Short sales are neither short nor simple endeavors. Because multiple parties are involved, most buyers prefer to steer clear of short sale properties, but if you have the time to wait, you might be able to snag your dream home for a much better price.<\/p>\n

\n\n\n\n\n

\n
\n
\n \"homelight\n <\/div>\n \n

Step one: Talk to a few buyer's agents!<\/h3>\n

Tell us a little bit about your plans (where you’re looking to buy and when you want to make a purchase) and we’ll connect you with top-rated buyer’s agents in your area. It takes only a few minutes, and it’s free.<\/p>\n \n

\n Get Started<\/a>\n <\/div>\n <\/div>\n<\/div>\n\n
<\/div><\/p>\n

How do short sales work?<\/h2>\n

First, it is important to understand the distinction between a short sale and a foreclosure property, so you know exactly what you\u2019re getting into.<\/p>\n

A short sale is initiated by the seller to unload their property before foreclosure, helping prevent an enormous foreclosure-related blow to their credit. A foreclosure is initiated by the lender, who repossesses a home when the property owner can no longer make payments.<\/p>\n

Since short sales are complex deals with multiple parties, lenders typically only approve short sales when foreclosure is unavoidable. However, short sales do present some advantages for lenders. A short sale is an opportunity for a lender to recover more of their investment than a foreclosure and they do not bear the responsibility of repossession and maintenance of the home until it sells.<\/p>\n","protected":false},"excerpt":{"rendered":"

Short sales are less common in the 2020 housing market than in 2010; despite their name, they aren\u2019t a short or simple endeavor.<\/p>\n","protected":false},"author":196,"featured_media":46197,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"cybocfi_hide_featured_image":"","footnotes":""},"categories":[192,629,635],"tags":[806],"class_list":["post-18065","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-for-buyers","category-home-financing","category-auctions-foreclosures","tag-selling-a-house-in-foreclosure"],"acf":[],"yoast_head":"\nWhat Is A Short Sale and Is It A Good Idea As A Buyer?<\/title>\n<meta name=\"description\" content=\"The short sale process is neither short nor simple. Explore the ins and outs of short sales and whether they're a good idea for buyers.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.homelight.com\/blog\/buyer-short-sale\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"What Is A Short Sale and Is It A Good Idea As A Buyer?\" \/>\n<meta property=\"og:description\" content=\"The short sale process is neither short nor simple. Explore the ins and outs of short sales and whether they're a good idea for buyers.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.homelight.com\/blog\/buyer-short-sale\/\" \/>\n<meta property=\"og:site_name\" content=\"HomeLight Blog\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/gohomelight\/\" \/>\n<meta property=\"article:published_time\" content=\"2024-07-26T11:00:18+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-07-26T21:59:27+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/hl-blog.homelight.com\/wp-content\/uploads\/2023\/06\/Untitled-design-2024-07-27T022958.888-min-1.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1000\" \/>\n\t<meta property=\"og:image:height\" content=\"564\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Emily Hines\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@gohomelight\" \/>\n<meta name=\"twitter:site\" content=\"@gohomelight\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Emily Hines\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"9 minutes\" \/>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"What Is A Short Sale and Is It A Good Idea As A Buyer?","description":"The short sale process is neither short nor simple. Explore the ins and outs of short sales and whether they're a good idea for buyers.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.homelight.com\/blog\/buyer-short-sale\/","og_locale":"en_US","og_type":"article","og_title":"What Is A Short Sale and Is It A Good Idea As A Buyer?","og_description":"The short sale process is neither short nor simple. Explore the ins and outs of short sales and whether they're a good idea for buyers.","og_url":"https:\/\/www.homelight.com\/blog\/buyer-short-sale\/","og_site_name":"HomeLight Blog","article_publisher":"https:\/\/www.facebook.com\/gohomelight\/","article_published_time":"2024-07-26T11:00:18+00:00","article_modified_time":"2024-07-26T21:59:27+00:00","og_image":[{"width":1000,"height":564,"url":"https:\/\/hl-blog.homelight.com\/wp-content\/uploads\/2023\/06\/Untitled-design-2024-07-27T022958.888-min-1.jpg","type":"image\/jpeg"}],"author":"Emily Hines","twitter_card":"summary_large_image","twitter_creator":"@gohomelight","twitter_site":"@gohomelight","twitter_misc":{"Written by":"Emily Hines","Est. reading time":"9 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":["Article","BlogPosting"],"@id":"https:\/\/www.homelight.com\/blog\/buyer-short-sale\/#article","isPartOf":{"@id":"https:\/\/www.homelight.com\/blog\/buyer-short-sale\/"},"author":{"name":"Emily Hines","@id":"https:\/\/www.homelight.com\/blog\/#\/schema\/person\/a2f29b670b59bc9f64d55ec1b1ec5b1e"},"headline":"What Is A Short Sale and Is It A Good Idea As A Buyer?","datePublished":"2024-07-26T11:00:18+00:00","dateModified":"2024-07-26T21:59:27+00:00","mainEntityOfPage":{"@id":"https:\/\/www.homelight.com\/blog\/buyer-short-sale\/"},"wordCount":240,"publisher":{"@id":"https:\/\/www.homelight.com\/blog\/#organization"},"image":{"@id":"https:\/\/www.homelight.com\/blog\/buyer-short-sale\/#primaryimage"},"thumbnailUrl":"https:\/\/www.homelight.com\/blog\/wp-content\/uploads\/2023\/06\/Untitled-design-2024-07-27T022958.888-min-1.jpg","keywords":["Selling a house in foreclosure"],"articleSection":["Buyers","Financing","Short Sales, Foreclosures, & Bank-Owned Homes"],"inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/www.homelight.com\/blog\/buyer-short-sale\/","url":"https:\/\/www.homelight.com\/blog\/buyer-short-sale\/","name":"What Is A Short Sale and Is It A Good Idea As A Buyer?","isPartOf":{"@id":"https:\/\/www.homelight.com\/blog\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.homelight.com\/blog\/buyer-short-sale\/#primaryimage"},"image":{"@id":"https:\/\/www.homelight.com\/blog\/buyer-short-sale\/#primaryimage"},"thumbnailUrl":"https:\/\/www.homelight.com\/blog\/wp-content\/uploads\/2023\/06\/Untitled-design-2024-07-27T022958.888-min-1.jpg","datePublished":"2024-07-26T11:00:18+00:00","dateModified":"2024-07-26T21:59:27+00:00","description":"The short sale process is neither short nor simple. Explore the ins and outs of short sales and whether they're a good idea for buyers.","breadcrumb":{"@id":"https:\/\/www.homelight.com\/blog\/buyer-short-sale\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.homelight.com\/blog\/buyer-short-sale\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.homelight.com\/blog\/buyer-short-sale\/#primaryimage","url":"https:\/\/www.homelight.com\/blog\/wp-content\/uploads\/2023\/06\/Untitled-design-2024-07-27T022958.888-min-1.jpg","contentUrl":"https:\/\/www.homelight.com\/blog\/wp-content\/uploads\/2023\/06\/Untitled-design-2024-07-27T022958.888-min-1.jpg","width":1000,"height":564,"caption":"Image Source: (Shutterstock.com\/VSem)"},{"@type":"BreadcrumbList","@id":"https:\/\/www.homelight.com\/blog\/buyer-short-sale\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.homelight.com\/blog\/"},{"@type":"ListItem","position":2,"name":"What Is A Short Sale and Is It A Good Idea As A Buyer?"}]},{"@type":"WebSite","@id":"https:\/\/www.homelight.com\/blog\/#website","url":"https:\/\/www.homelight.com\/blog\/","name":"HomeLight Blog","description":"Real Estate Advice from America's Top Agents","publisher":{"@id":"https:\/\/www.homelight.com\/blog\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.homelight.com\/blog\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/www.homelight.com\/blog\/#organization","name":"HomeLight","url":"https:\/\/www.homelight.com\/blog\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.homelight.com\/blog\/#\/schema\/logo\/image\/","url":"https:\/\/www.homelight.com\/blog\/wp-content\/uploads\/2017\/11\/logo-hr-color.png","contentUrl":"https:\/\/www.homelight.com\/blog\/wp-content\/uploads\/2017\/11\/logo-hr-color.png","width":1348,"height":262,"caption":"HomeLight"},"image":{"@id":"https:\/\/www.homelight.com\/blog\/#\/schema\/logo\/image\/"},"sameAs":["https:\/\/www.facebook.com\/gohomelight\/","https:\/\/x.com\/gohomelight","https:\/\/www.linkedin.com\/company\/homelight\/","https:\/\/www.youtube.com\/channel\/UCimugR9XF17-OZ7B9fNnxWw","https:\/\/en.wikipedia.org\/wiki\/HomeLight"],"description":"Everything you need to know to sell your house faster and for more money. Articles, guides, and advice from top agents all over the U.S.","email":"support@homelight.com","telephone":"(888) 688-0350","legalName":"HomeLight","foundingDate":"2012-01-01","numberOfEmployees":{"@type":"QuantitativeValue","minValue":"201","maxValue":"500"}},{"@type":"Person","@id":"https:\/\/www.homelight.com\/blog\/#\/schema\/person\/a2f29b670b59bc9f64d55ec1b1ec5b1e","name":"Emily Hines","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.homelight.com\/blog\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/09fc0644cf340f5f1a8fb4bbdaf532b6e54ae416d20027be9e95afbe5e32469a?s=96&d=blank&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/09fc0644cf340f5f1a8fb4bbdaf532b6e54ae416d20027be9e95afbe5e32469a?s=96&d=blank&r=g","caption":"Emily Hines"},"description":"Emily Hines is a writer and content strategist with 8 years of professional experience focusing on architecture, travel, and culture and contributes to a variety of publications including USA Today, TimeOut, and Craftbeer.com. She holds a Masters in Historic Preservation from the University of Georgia and is currently based in Marquette, Michigan where she writes a monthly travel blog, drinks craft beer, and skis.","url":"https:\/\/www.homelight.com\/blog\/author\/emily-hines\/"}]}},"_links":{"self":[{"href":"https:\/\/www.homelight.com\/blog\/wp-json\/wp\/v2\/posts\/18065","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.homelight.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.homelight.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.homelight.com\/blog\/wp-json\/wp\/v2\/users\/196"}],"replies":[{"embeddable":true,"href":"https:\/\/www.homelight.com\/blog\/wp-json\/wp\/v2\/comments?post=18065"}],"version-history":[{"count":0,"href":"https:\/\/www.homelight.com\/blog\/wp-json\/wp\/v2\/posts\/18065\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.homelight.com\/blog\/wp-json\/wp\/v2\/media\/46197"}],"wp:attachment":[{"href":"https:\/\/www.homelight.com\/blog\/wp-json\/wp\/v2\/media?parent=18065"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.homelight.com\/blog\/wp-json\/wp\/v2\/categories?post=18065"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.homelight.com\/blog\/wp-json\/wp\/v2\/tags?post=18065"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}