What are short sales?

Short sales are those in which a home is sold for less than what is remaining on the mortgage. It means that the homeowner will still owe the bank at the end of the transaction, but the payments will be lower, and this is often a technique used when the seller needs to sell fast.

Motivated sellers who are moving, or who might be threatened with foreclosure, are the most likely candidates for short sales, and with the subprime mess and the end of the fall buying season, it is more likely that you can find a great Sedona home opportunity through available short sales.