short sales help
who knows any details on how to make a short sale ? I have properties that I can get cash out from to purchase other properties during this decline in property values and I heard about shor sales but have no idea as to the details if you know I would appreciate it
Thank you
Short Sales are when the mortgage company allows you to sell the property for less then is owed. This is an approved program thru the mortgage company. So, you will need to contact them in order to qualify. You can not just sell the house less then what is owed w/o mortgage company approval.
Seek out a licensed realtor that knows the process. this is also a normal requirement. The home usually has to be listed (w/a realtor) at fair market value for at least 90 days before they will consider a short sale.
In addition, you can not sell a home to a relative thru short sale.
Short Sales Tips & Tricks 4: Getting A Mentor
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