MLS stands for Multiple Listing Service. It’s a network of real estate listings in an area, where buyers can (through a Realtor or the Internet) view what is available in their price range, and with the features they are looking for. It is a system usually run and supported by the local Real Estate Board that has details of almost every home, land, and business listed for sale with a real estate agent.

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Believe it or not, foreclosures can actually be a smoother transaction than a short sale.  A foreclosure sometimes referred to as an REO, is a property that is owned by a lender.  If you’re considering the purchase of a foreclosure, it’s important to understand that most are sold “as-is.”  Foreclosures, if not purchased by an owner occupant, are often purchased by investors, fixed up, “flipped,” and sold to an owner occupant.

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Square footage includes finished, heated space, also known as “livable space”.  Garages, unfinished basements, and attics, for example, are not included when calculating a home’s square footage.  However, hallways and closets are included when determining a home’s square footage.

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Before getting involved with a short-sale, it’s important you understand exactly what it is and what to expect from a short sale.  The easiest way to understand a short sale is the sale of a home in which the proceeds from the sale are less than the balance of debts secured by liens against the property and the homeowner cannot afford to pay the liens in full.

Before purchasing a short sale, you should consider things such as the time it can take for a short sale response, the fact that a foreclosure is still possible, and that many short sale properties are in disarray.  Short sales are not impossible to buy but you must be patient and be in no immediate rush to move.

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