Short Sale – What There For Seller?
Hello, people!
I am a Newbie here and was wondering if some one could explain to me how to motivate someone facing a foreclosure to go for a short sale. What do they get? Do I pay them some portion of my profit? Do they get to keep themselves out of bankruptcy or something?
I heard it is possible to buy property for around 40% of it’s FMV
IS IT REALISTIC ???
IS THAT HOW YOU GUYS BUY ?
So if I buy it so cheep in my understanding the bank will want to go after guy that can’t make his mortgage payments for the difference.
I heard you can send a letter to the bank and ask them “Not to go after seller” but does it truly work?
Why would banks agree to that?
Thank you!
"I heard it is possible to buy property for around 40% of it’s FMV"
That's very unlikely to happen. The best scenario would be that you purchase a preforeclosure or REO property at a discount, then make value added repairs and sell for a greater profit.
Check out my article, How to Prequalify a Short sale Candidate... if yo can't find it, email me privately and I'll send it to you in word. Or, order A Short Sale Primer where you'll find the TRUTH about the short sale process....