It can get confusing when choosing between buying a foreclosed on home or a short sale home.
According to an Opposing Views article, both property types are distressed, and there are additional steps you must take as opposed to buying a non-distressed property.
In Florissant, there are dozens of foreclosed on homes on the market. Those homes range in prices and size.
To view a list of foreclosure homes for sale in Florissant and the St. Louis-area, visit Homes.com.
More from the Opposing Views article:
A short sale takes place for a home that likely is facing foreclosure. The homeowner gets prior permission from the lender to sell the home for less than what is owed on the mortgage. This agreement is for homeowners who can’t afford their mortgage payments, but want to avoid foreclosure. A foreclosure is a bank-owned property. The previous homeowners didn’t pay their mortgage, and after falling delinquent, they were forced to vacate the property. The home was then re-listed on the market by the lender.
Meanwhile, the HPF, the Homeownership Preservation Foundation, is an independent nonprofit that runs the national Homeowner’s HOPE Hotline at 888-995-HOPE.
The HOPE Hotline has served more than six million consumers since 2007 and just last month received over 1,100 calls from residents of Missouri.