Im A Begginer And Need Advice
I have heard about short sales but Im not really sure what they are all about can someone explain :-?
I have heard about short sales but Im not really sure what they are all about can someone explain :-?
The best (and lengthiest) explanations can be found in the article archives. Just do a search for short sales.
In a nut shell, a short sale is when the owner of the property is about to be foreclosed on. An investor comes in and tells the bank/lender, with the owners permission/blessing, that he will save them the trouble of foreclosing and buy the property...buy at a discount. Say the mortage owed is $100,000. The investor may only offer to pay $60,000. This is a short description of a short sale/
I am about to try this on a property and was wondering if there is anything you can do when you submit the offer to persuade them into takeing the discounted price