Homebuyers looking for a deal will likely come across a short sale property at some point. Short sales are when pre-foreclosure properties are listed at a discount in order to entice a quick buy, because the bank would prefer to take a loss and move it off their books than deal with the burden of having to unload it themselves, or suffer a bigger financial hit by placing it in foreclosure.

Fixer uppers are homes that require a bit - sometimes more - of maintenance. The level of work needed will vary from home to home. A home requiring a major overhaul may not be the right fit for a first time homebuyer. Alternatively, an investor may see such a home as a great opportunity.

By Matea Shosho

Buying a house is really exciting and you want to improve your chances of being approved for a loan so you can buy your dream home. In order to do so, follow this easy don'ts so you can get that loan and finally the home of your dreams