This month the residential mortgage industry has taken a toll on housing sales. A lot of what is available today are by way of short sale. What is a short sale you ask? When the bank agrees to take LESS than what is owed on a property, it is called a “short sale.”
Being able to discount mortgages and negotiate “short sales” sets you apart from the average investor. It allows you to turn no equity deals into “big bucks” deals. However, sometimes it can take time to reach a negotiation with the bank therefore patience is a virtue.
Here are the most common reasons banks will agree to a short sale:
- The mortgage is in arrears or foreclosure.
- The property is in poor condition.
- The homeowner has hardships and cannot afford the payments.
- New homes in the area are being chosen over existing homes.
- The area or neighborhood has depreciated in value.
- The bank’s shareholders are concerned when there are too many defaulting loans on the books.
- Some banks are required to prove a loss each month. Let’s help them out!
So if you’re interested in cashing in on a great deal, you have available capital and you understand the benefits of real estate I encourage you to contact me.
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