I assume that you already talked with the bank and initiated the short sale process. As a result, you have been sent the short sale package. If you ask, it can be faxed to you as well. You also have secured a buyer and have had the contract signed. The buyer (a local real estate investor) has sent you his prove of funds (or preapproval letter from his lender). At this point you have everything necessary to prepare the package.
I would like input from someone who has attended, the Financial Health Coach real estate short sale seminars?
This is a short sale of real estate seminar and would appreciate an answer from someone who has actually attended
Ooooo… Another get rich quick program!
Short Sale Seminar
Short sale real estate investing is defined as purchasing a property from a lender for less than the balance owed on the mortgage. Many books and courses have been written about it, but can short sale real estate investing be simplified? It can!
There really are only two types of short sale real estate investing. First, when you purchase a property that a lender has foreclosed on and listed with a Realtor, you can offer less than the balance that was due on the foreclosure. This type of short sale real estate investing requires that you have a good relationship with the right Realtor.
In many parts of the country, home prices doubled during the period from 2000 to 2005. During this same time, creative financing programs (e.g. zero down payment, adjustable rate loans, interest only loans, option ARMs loans, negative amortization loans, etc.) gained popularity and helped some people buy homes who would not normally qualify based on their income, debt level and credit history.
Most real estate markets are now cooling, and some are even experiencing declining prices. In times of dropping real estate prices, the amount owed on a loan by some homeowners may actually exceed the value of a property. If homeowners cannot make their monthly mortgage payment, there is a potential for default on the loan and foreclosure of the property by the lender.
