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Can someone please explain to me what does the term “Deed In Lieu of Foreclosure” really mean?? I’ve read some explanations online, but I’m not understanding the definition.
And, as a wholesaler, wanting to offer any and all solutions for ppl in pre-foreclosure, foreclosure, or just needing to sell…do I need to be able to know this strategy? PLEASE HELP! 8)
Wait for others to say, I think it is the same as keys for cash. If you are getting foreclosed on. The bank bank might try to save themselves time and money by offering you money to move out and sign a deed.
http://www.reiclub.com/real-estate-terms.php
As defined here, “The act of giving property back to the lender without foreclosure”.