Many short sales result in huge discounts for first time homebuyers, real estate investor, and flippers, which puts them in a position to gain instant equity and to start making money right from the moment they take over the property. The short sales on foreclosure.com are opportunities for any user willing to do a little extra work to get the deal done.
In a short sale, the mortgage loan on the property is in default, and the lender and borrower are looking for a solution. The lender may accept less than the amount owing on the loan to satisfy the debt. This avoids a costly and time-consuming foreclosure. Lenders know they will lose money on nearly every property they foreclose, so agreeing to a short sale allows them to take an early loss and get the distressed loan off their books.
On the foreclosure.com you will find scores of listings covering many counties in every state. When you have selected an area and a property that looks promising, you should contact a local real estate agent to reach out to the homeowner to put the deal together. Once you have the homeowner’s terms, the real estate agent will reach out to the lender. (It’s that simple) Once you know how much the lender is willing to discount its loan, you can enter into a purchase agreement with the homeowner and continue with the process just as you would any other transaction: have the property inspections done, check for clear title with a title company or real estate attorney, and secure financing.
The earlier in the foreclosure process you act, the better are your chances of successfully structuring the short sale. The short sales listings on foreclosure.com are constantly being updated, so if you do not see what you are looking for right now, you can sign up for our email alerts and we will let you know as new opportunities in the short sale market become available.
Learn how to find short sale homes near you in this video.WATCH VIDEO