The short answer is "sometimes". Most people hear the phrase "short sale" and instinctively think of a seller that is insolvent and needing to sell their property promptly to avert further financial problems. This is at times the case and can be an opportunity for a buyer to take advantage of another's misfortune. More commonly, a lender may consider a short sale even if the seller isn't delinquent with their payments, but property values have fallen. In these cases the "bargain" price may in fact be closer to actual market values instead of below.
What's involved in buying a short sale?
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