Learn the difference between a short sale
home, foreclosure, and lender owned property and how they provide an
opportunity for real estate ownership in Nebraska.
Buying or selling a foreclosure or short sale
home in Nebraska can be complex. Because each situation is unique,
understanding the buying process is critical.
Short sales, foreclosures and lender owned
properties can be classified as non-traditional home sales. While they
may provide the opportunity to buy real estate at reduced prices, these
types of sales are complicated and take longer than traditional real
Short Sale Homes
Things to Consider
What is a short sale?
The seller is asking their lender(s) to agree to take less than the
amount owed on the home as payment in full. It’s considered a short sale when the sale price is insufficient to pay off the total mortgage(s) and costs of the sale.
Contrary to its name, a short sale home can
be one of the most time consuming types of real estate transactions
because the seller and lender(s) must agree to the terms of
modifications of the seller’s mortgage obligations.
Learn more about buying a short sale home
Learn more about selling a short sale home
Properties in foreclosure
represent an owner who has missed one or more mortgage payments and has
received an official notice of foreclosure from their lender.
If you're a homeowner who is struggling to make
mortgage payments, the Home Affordable Foreclosure Alternatives (HAFA)
program or the Home Affordable Modification Program (HAMP) available
from the federal government may be helpful options for you.
Learn more about HAFA and HAMP
Once the foreclosure process is complete, the property becomes lender owned. The seller is now the bank and the home is vacant.
home sales are more complex and potentially more time consuming because
the lender is heavily involved in the transaction – either acting with
approval powers or as the owner/seller.
entering into this type of real estate transaction, it’s critical to
work with an expert who understands the market and can help you navigate
- Liens or back taxes often create challenges with the property's title. Get more information about closing on a foreclosed property.
properties may be previously owned by people experiencing financial
difficulties and may require costly updates and repairs. Learn more about an AHS Home Warranty.