My friend is looking to acquire properties that have back taxes owed on them and that term kept coming up. Anyone know what a short sale property is?
A short-sale property is one that you pay less for than what is owed to the lending institution.
As such, the lender has to agree to the transaction because they’re not gonna get all their money (they will come up short)…sometimes they will agee because the loss that they will realize on the shortsale is less than the cost of the foreclosure process.
There’s a full section of articles on foreclosures and short sales on this website. http://www.reiclub.com/real-estate-articles.php
Scroll down for short sales. There’s also a few good books on short sales available on Amazon.