| Original message
|
Replies:
|
| Ben
Moderator
  |  "Re(1):Define"
, Tue 5 Jun 22:16: 
A short sale is a way of purchasing a property that is in default before it is sold at the court house steps. Many banks will accept offers to purchase the home prior to the completion of foreclosure.
This requires the permission of the owner, but allows you to make purchases at excellent LTV's.
This saves your seller a foreclosure but will still usually cause a judgement later for the difference in what was owed and what you purchase for.
I have bought on short sale, properties even after the auction, because in some states, the home owner has a period to pay the loan even after foreclosure.
Ben
Moderator
www.dealmakerscafe.com
Where the average real estate investor becomes a Dealmaker!!
[this message was edited by Ben on Tue 5 Jun 22:19] |
|
|