Ask Experts Questions for FREE Help !
Ask
    mariemay's Avatar
    mariemay Posts: 15, Reputation: 1
    New Member
    		  
    #1

    Oct 17, 2008, 03:38 PM
    Short sales for investors
    I am new at real estate investment. Can I take advantage of purchasing property on a short sale? If so how would that work?
    Fr_Chuck's Avatar
    Fr_Chuck Posts: 81,301, Reputation: 7692
    Expert
    		  
    #2

    Oct 17, 2008, 06:20 PM

    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.
    paulieone's Avatar
    paulieone Posts: 2, Reputation: 1
    New Member
    		  
    #3

    Oct 21, 2008, 05:06 PM
    Quote Originally Posted by mariemay View Post
    I am new at real estate investment. Can I take advantage of purchasing property on a short sale? If so how would that work?
    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.
Not your question? Ask your question View similar questions
 

Question Tools Search this Question
Search this Question:

Advanced Search

Add your answer here.


Check out some similar questions!

Some VERY short books and short films inspired by our times [ 1 Answers ]

Some more very short books AND their accompanying movie adaptations 1) The complete Iraqi WMD photo album by Donald Rumsfeld Original title: "Don't look at me! I thought WMD's were a deli sandwich!" a great short film as well: YouTube - RUMSFELD'S BEST

Short sales and 1099 [ 5 Answers ]

My husband and I are in the process of trying to do a short sale on our home. Can you Tell me what can we expect from a 1099? For example we owe $600k and if sold for $500k what would we be liable for. We live in the state of va. Also how does this impact Our credit.

High Pressure Sales with Private Sales Clubs [ 4 Answers ]

To Whom: Is it legal in the state of Rhode Island/Connecticut for a private sales club (Direct Buy) to force a prospective member to join immediately after a forced one hour sales pitch? Direct Buy instructs their prospective customers that if they don't apply for membership immediately they...

Short-term capital gains from stock sales [ 2 Answers ]

"Short-term stock gains are taxed as ordinary income. Therefore, the nominal tax rate will be whatever tax bracket you are in. More explicitly, it will be taxed at the federal tax rate (bracket) as determined by your taxable (not gross) income line on your federal tax return." If all of my income...

View more questions Search