Short sales rescue homeowners from foreclosure

Short sales, selling a home for less than its mortgage is worth, have become a last minute lifeline for homeowners facing foreclosure. Short sales are appealing to buyers looking to purchase a home for below its market value, but Marilyn Harra Kaye, president of MLBKaye International Realty, tells NY1 that buyers should research the property before purchasing it. Kaye said the bank selling the home might require the purchase be in all cash, or if it allows financing, the bank might require the financing come from it. Kaye also said potential buyers of short sales have to be prepared to sign a contract and close quickly, so buyers might want to bring a contractor or engineer when they first see a property, and hire an attorney to review the process. [NY1]