short sale question

alright so everyone keeps talking about short sales and preparing short sale packages for the banks and everything and im very confused by all this because i was taught to simply find a real estate preforeclosure and negotiate with the home owner some terms then i call one of my investors and assign the contract to them for a fee.

so where does all this short sale package stuff come into play? any help would be appreciated.

Howdy Mactherabbit:

Short sales are popular when the home is not worth the mortgage balance or is not a good deal at that price. A lot of companies are willing to deal to sell the house and take less than the balance. The package will have the sellers financial statement and a hardship letter and various other things needed like listed with a Realtor for so long etc. I have actually seen some where the Realtor already had every thing worked out in advance including a lower asking price. Some are still not bargains and some companies are hard to deal with and take forever. It is not easy but can be rewarding. I too prefer your way.