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Quiz: Short sale or foreclosure?
by Staff
On the downside, people are losing their homes because they can't afford them. The bright side is that some who have never been able to afford it can now purchase their own homes. Read on and see How much you know about short sales and foreclosures?

More than 3 million properties will go into some form of payment default during 2011.

  • fact
  • fiction

When a home is scheduled for foreclosure auction and the official notice is published in the paper, the homeowner has lost any hope of retaining the home.

  • fact
  • fiction

A short sale is called "short" because a very small amount of time occurs between the application and the closing.

  • fact
  • fiction

A short sale is potentially the most lucrative investment for real estate buyers.

  • fact
  • fiction

A home may go into foreclosure as a result of many and continued delinquent mortgage payments, but a short sale can occur even when a homeowner is current with payments.

  • fact
  • fiction

Banks are regulated to accept short sale offers no matter what the offer.

  • fact
  • fiction

You basically identify short sale candidates in the same manner as you locate homes headed toward foreclosure.

  • fact
  • fiction

The foreclosure process begins when a homeowner is 90 days past due on payments.

  • fact
  • fiction

Cash on hand is more likely to get you a good investment deal.

  • fact
  • fiction

The damage to a credit report is about the same from a short sale as a foreclosure.

  • fact
  • fiction