I am interested in getting involved with short sales. Can a person who has done a short sale give me some advise to this business? I would like to know if a lot of money is required and the way of going about finding homeowners that would be interested. I live in New Jersey. I see a lot of internet data about this but nothing is really concrete. I would like to hear from a person that is making money doing this. The other deals that I would be interested in are the ones with no money down.
Thank you in advance.
Richard
I’m a newbie.
Short sale?
Short Sale - A sale of a house in which the proceeds fall short of what the owner still owes on the mortgage. Many lenders will agree to accept the proceeds of a short sale and forgive the rest of what is owed on the mortgage when the owner cannot make the mortgage payments. By accepting a short sale, the lender can avoid a lengthy and costly foreclosure, and the owner is able to pay off the loan for less than what he owes
There is a link to the Investing Glossary to your left under “Investor Information”
Keith