The real estate market is forever changing and the newest phenomenon are Short Sales. Buyers and investors often try to negotiate with the bank on short sales before the home foreclosure is complete, especially if the home is worth less than the outstanding mortgage balance.

Homeowners who stop making mortgage payments and those headed into default that cannot refinance or work out financing alternatives with their lender have three options for sale:

·         Sell the property before foreclosure is final.

·         Give a deed-in-lieu of foreclosure to the bank.

·         Let the bank take the property in foreclosure.