Thrifty buyers in search of a great home for sale at a cost below market value are naturally drawn to foreclosures and short sales. A foreclosure is when a lending institution is forced to take ownership of a home from a buyer who has become delinquent on payments. The lender then sells the home in an attempt to try and recover the debt of the mortgage. A short sale is when a lender accepts a discounted offer on a home for sale in order to avoid a bankruptcy or foreclosure auction.
Although the Omaha Metro Area has been relatively cushioned from the impact of the down real estate market as typically seen on the coasts, foreclosures and short sales are still present and for sale. Consult with Omaha’s Elite Real Estate Group on how to purchase a foreclosure or short sale, also known as a distressed property, whether you plan to occupy the home yourself or are looking to make a solid real estate investment!
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