There are two types of short sales. One deals with stocks and the other with real estate. This article will deal with the real estate short sale. The real estate short sale can be looked at from the seller's perspective, the buyer's perspective and the bank's perspective. All three parties will have a say in the short sale process.
If you own your house and are having a difficult time paying the payments then you might want to consider a short sale. Typically when a home owner is facing a foreclosure the bank will consider a short sale. A short sale is when the bank takes less than what is owed on the house. For example, if you owe $ 100,000 dollars on your home and you are facing foreclosure the bank might take $ 90,000 dollars and consider the loan paid. Why would the bank consider a short sale? Well if the bank continues to foreclose the house they will have to sell the home. This means finding a real estate agent, fixing the property and waiting possible months before it sells. Sometimes it is easier for the bank to sell the property to an investor for a quick sale. The advantage to the seller is that there is no foreclosure on their credit report.
If you are looking to buy a home at a discount then searching for a home in foreclosure is a good idea. Once you find a home that you like then approach the owners with a letter stating you would like to buy their home. Once you meet the owners ask them to ask their bank if they are willing to sell the home on a short sale. Typically the owners have to be insolvent and have had a hardship in order to sell the home short. You can also contact a real estate agent and let them know that you are interested in buying a home on a short sale. They can look at the MLS listings and find the homes that are available.
If you need to sell your home fast, then a short sale is a good approach. You typically need an investor to buy the home. The reason is that investors are ready to buy with cash and the banks want to close as soon as possible. There are many sites on the internet that take your information about your home and present it to investors. You might want to submit your information to these types of websites.
Real estate short sales are a good way to sell your home fast and a good way for buyers to pickup a bargain.
For more information on real estate leads , try visiting www.wesellandbuyhomes.com , a popular website that offers real estate investing tips, advice and resources to include information on real estate leads and the best real estate investment sources.
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Source by Jordan S Ashton