Homeowner In SS Situation
I recently purchased my first investment home and am in the process of rehabbing it to get it back on the market. Due to the tightening market in Florida, I started looking at the prospect of Short Sales and am very impressed with that investment strategy. However, I am trying to find out how this helps the homeowner besides saving their credit scrore (to some degree considering it is probably shot by late payments putting them in such a situation). When you SS a property, the bank basically accepts less than owed to keep it from becoming an REO property. That means there is no way for the property owner to walk away with any equity from that house whatsoever. How do most investors deal with SS homeowners knowing they are getting nothing out of the deal? Are there any known problems to watch out for like you have to when buying foreclosure properties?
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