At what time in the foreclosure process is a short sale utilized? What are the benefits of a short sale instead of buying from the home owner?
Thanks, just trying to learn a little about the process. I really enjoy all the posts.
You asked about what time a shortsale is utilized.Well I think that you would find the answer to that and many more questions you might come up with if you read,read and read.But I’m gonna give you that one today, the short sale is when the home owner is behind 3 payments and /or the bank declares it to be in default.but there has to be the certain circumstaces that the banks like to see in order for them to accept a short sale.?#2 a short sale is when you can get the property for less amount than what it’s worth.A lot of times the property is maxed out so buying from the home owner is not worth it.I’m new at this my self, I’m trying to give you the answer to the best of my knowledge, like I said read read and read some more…Good luck
To answer the question about benefit. If you buy for the home owner you have to pay at least what he owes and it may not make sense if there isn’t enough equity.
Use a short sale when there isn’t enough equity and you need to get the price of the property down.