Is this right?..if a home owner gets a pre-nod and the mortgage is upside down then you can do a short sale? Otherwise if they are pre-nod but mortgage is not upside down then you can try to buy it from the owner?
If an offer is made on the property (to the home owner) and the offer is more than the mortgage payoff and they are not in pre-foreclosure then you are good to go. You can purchase the property and the mortgage is paid off at closing.
A short sale is a sale of a property where the purchase price is less than the mortgage balance. In that case, the owner will have to negotiate with the bank to see if they will accept a lesser value. Be prepared to wait… even months for approval and closing.
Thanks for clearing up this bit of information :biggrin