A Phoenix short sale is one of the rock-solid remedies that you, as a homeowner, can utilize of during a financial squeeze. If you realize that you can no longer keep or afford your home and you are falling behind on your monthly mortgage payments, then it may be the right time to consider a Phoenix short sale. But it is important to note that not all those who are affected by the recession, or any financial downturn for that matter, can sell their homes through Phoenix short sales. The most important thing to bear in mind when trying to negotiate a Phoenix short sale or a statewide Arizona short sale is the fact that the home or the piece of real estate that you will short sale should also be the security or collateral for the loan in which you are falling behind.
Short sale investing involves buying a piece of property from a lender for an amount less than the balance owed on the property. Basically, there are two types of short sale realty investments. The first type refers to when you purchase a property, foreclosed by a lender listed with a realtor. In this type, you simply offer the lender, who has now become the owner on record, less than what is owed on the property. In this case, you can offer less than the balance that was due on the foreclosure. Such a short sale, realty investment calls for a good relationship with the realtor. The other type involves negotiating directly with the lender of a motivated seller. It is essential to be determined in the negotiation process, mainly in reaching the right person at the lender Real Estate Owned (REO) department and then to get the price of your choice.
How do short sales work? What are the down sides about buying a “short sale” home?
The biggest down side is that it can take months.
Also, the home owner may not have actually cleared the sale with the lender first. It is entirely possible that the sales price is a bait and switch. Low enough to get you interested, but even at full price there is no possible way the bank will agree to the sale.
In today’s world, where foreclosures are one of the most talked about subjects of the existing economic crisis, almost everyone has heard of the term “short sale”. Don’t feel bad if you don’t understand exactly what that is or how it is accomplished. Many professional Realtors don’t understand the complexities of a short sale. We buy houses that are prime candidates for short sales. If you owe more on your home to a lender, and perhaps secondary lien holders, than your house is worth, then you should seriously explore the possibility of a short sale. Here is the beginner’s guide to selling your home for less than you owe.
Are there any real estate investment courses out there that arent scams?
I am basically looking for a course, if anyone knows of one that isnt a scam, that teaches the basics of real estate investment.
To make a profit requires consistency. To have consistency requires you know and speak the language. Take the real estate licensee course. You will learn most of the ins and outs plus you’ll meet the real players in the real estate business. Because they too know that the real money comes from knowing the ESSENTIALS.
