Preforeclosure Short Sale A type of presale in which the creditor(s) agrees to let you sell the property for less than the full amount due, and accept the proceeds as payment in full. The sale of property at a fair market price that's lower than the loan balance(s).
[addsig]
So if there is a house about to be foreclose, the creditor (meaning the bank?) will allow me to sell it for less than what it is worth.
1. What requirements if any will I need to take to the creditor to sell the property?
2. Is this similar to flipping or wholesaling except I am dealing with a creditor (bank, mortgage company)? And to make a profit for myself, I would sell it higher than the FMV?
From TheShortSalePro's Glossary:
Preforeclosure Short Sale A type of presale in which the creditor(s) agrees to let you sell the property for less than the full amount due, and accept the proceeds as payment in full. The sale of property at a fair market price that's lower than the loan balance(s).
[addsig]
So if there is a house about to be foreclose, the creditor (meaning the bank?) will allow me to sell it for less than what it is worth.
1. What requirements if any will I need to take to the creditor to sell the property?
2. Is this similar to flipping or wholesaling except I am dealing with a creditor (bank, mortgage company)? And to make a profit for myself, I would sell it higher than the FMV?
Am I on the right track?