Short Sale Pro What Is A Short Sale?
Hi i am a newbie investor from the Toms River area in NJ off to a good start. I know about foreclosure sales and subject to mortgages for foreclosures but i have never heard of a foreclosure short sale. Can you explain breifly the dynamics of it to me?? Also i noticed the message you put in your profile about helping new investors in this........ can you explain....... i am motivated an interested. Thanks!!!
What you do with the property after you complete your purchase is of no interest to the mortgagee... nor should you volunteer your intent...
If the 2nd has foreclosed, and has the Deed (subject to the first mortgage) then they are the folks to whom you should be speaking. They might need a quick sale before the first mortgagee forecloses...
Preforeclosure short sale transactions are predicated upon the confirmed value of the subject. Use whatever information available that supports your estimation of value. Your ability to defend that estimation of value is the basis for all preforeclosure short sale negotiations.
The more factual, the more compelling.