How does this benefit the current owner of property?
Benefitst to the owner:
- Their credit score remains clean.
- They walk away from the property with no worries about the mortgage.
- They can start over
- Pay all their other bills
There are others but off the top of my head I cant think of them.
I’m still what new to short sales. Actually made a go for my first one last week. For most of the time people that are facing foreclosure often have atleast 1-2 liens on their property. the liens can exceed 60-75k that they owe on top of their mortgage, and clearly they have difficulty paying it to the degree of not being able to become free of their huge finacial responsibility.
You as the investor provide almost a life line or a way out for them. you provide a way for them to litterally get out unscathed. the right deal is a win-win situation. you benefit from getting the property and they benefit from getting rid of the liability.
so a short sale is a huge benefit for the motivated seller facing foreclosure
I am in dire need of a short sale on a property that I cannot afford - it is 270K - no equity and as shameful as I am to say I was a straw buyer that got the bad end of the deal… I am tryign to stay strong aboutt this whole ordeal since the mortgage is due in Feb and the seller did not finish the house and I have no money to do so…
start a new thread with this saga. Tell us all the details of the transaction, how you got it, price, arv and the steps you took to get it, the other more experience members here might be able to guide you to a solution.