PLEAE EXPLAIN SHORT SALES
This topic is too broad to explain in one message. I suggest reading the information on this site (aticles/forum) and doing a search for “short sales” on google or another search engine and see what free information you can find. If you are still interested in pursuing short sales there are several products available that will give you more advanced knowledge.
However, I can give you a snapshot of what short sales are.
When a homeowner is facing foreclosure they usually only have a few options.
- reinstate thier mortgage
- foreclose
- file bankruptcy
- foreberance with the bank
- Short Sale
A short sale occurs when someone like yourself finds a homeowner in a foreclosure situation and offers the lender a discounted payoff to satisfy the loan amount. For example, if a homeowner owes $120,000 on their mortgage you would offer the lender $100,000 as payment in full. These types of deals happen all of the time when the home has no equity and the lender wants to close out the loan without foreclosing.
is that considered short sale also if theres judegemetns say credit cards and in NOD status and seller cant sell because owner owes more than agreed price soyou can ask credit card to take a lower amt to satisfy judgemetn? is there a specific time frame they give you to close escrow for them to satisfy judgemtn???thanks
Short Sales refer to the note. If there are other liens or judgements attached to a property and you speak to the owners about taking less than what is owed this is called discounting. Discounting can also be done with the note especially when there is a second involved.
Hope this helps.
All the best,
SHawn