|Short sales increase, benefiting banks and homeowners|
Article Courtesy of The Palm Beach Post
By Kimberly Miller
Published December 7, 2012
Not all short sales are distressed sales
Short sale: Bank accepts less for the home than the borrower owes on the mortgage, but the homeowner has not had a foreclosure filed against them.
Distressed short sale: Homeowner has a foreclosure filed against them, but during the court process, a short sale is conducted.
Bank-owned sale: A final foreclosure judgment is awarded by the court. The home is repossessed by the bank then resold.