Short sales are when the owner of a property with a mortgage and/or liens on the house sells the property for less than what they owe to the lienholder. Many times this is a way to avoid foreclosure, help eliminate the under water mortgage due to a financial hardship, or other circumstances. Many times short sales are able to sell below market value providing the buyers with a great deal. The banks like short sales as they can avoid a costly foreclosure, but they aren't willing to sell the property for pennies on the dollar. They still have the option of foreclosing on the property and selling it later on for more than a low offer.
Run this search below to find only short sales in the Akron/Canton area and all of Northeast Ohio.
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