I am new at real estate investment. Can I take advantage of purchasing property on a short sale? If so how would that work?

1. Find owner ( either on your own or with a real estate agent) who is behind on their loan and are getting close to foreclosure

2. Make offer on property that is less than is owed to the bank.

3. If the owner agrees, offer is sent to bank to see if they agree.

Over the last few years I have seen some banks turn down all offeres, I have heard of some taking even 30 percent off.

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Originally Posted by mariemay

I am new at real estate investment. Can I take advantage of purchasing property on a short sale? If so how would that work?

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Work with a real estate agent. They will help you with the short sale offer. Banks are willing to accept about 20% less that what they are owed in order to reduce foreclosure fees.