When Is A Short Sale Used?
Hello all,
I'm new to all this. My question is, what is a short sale and when is it used?
Hello all,
I'm new to all this. My question is, what is a short sale and when is it used?
A short sale is used when a homeowner is behind on their payments and facing foreclosure. Your best short sale situation will be when the homeowner is 1-2 months behind and they start getting letters or calls from their lender. At this time, you as an investor can negotiate a discounted pay off with the lender and purchase the property yourself. There is much more to a short sale but this should start to give you an understanding. Please post more follow up questions.