What Is Short Sale
I thought I understood what a short sale involved. However today someone told me that you cannot do a short sale if the value of the home is = to the mortgage balance. I thought a short sale could be done if (1) the homeowner was behind 60-90 days on their mortgage;; (2) the home has not gone into foreclosure; (3) there is evidence that the homeowever will probably not make any more payments; and with those items present, the mortage company may negotiate a lower mortgage balance to at least recover some of their money.
Thanks
[ Edited by investornewbie on Date 10/29/2005 ]
Thank you ShortSale Pro. I am interested in Short Sales, but I wanted to know if it is possible to do it when you working in investing part time.. How successful are youi n short sales and did you start out doing it part time. It seems like a strategy that generates the most money in real estate investing.. One more question - on average, how much time do you spend on each short sale transaction.
Thanks[ Edited by investornewbie on Date 10/30/2005 ]