Quote:
Originally Posted by Fire
I hate to sound like a nub Bucket but what is a short sale?
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That is where the bank agree's to take a lower amount than what is due on the loan, for a loss, and both the seller, and the bank have to agree on it.. It is way harder to do and takes way longer, but if I am in first position, they will still list it for other offers, but it will say "pending Offer". But they have to both agree to it. The property outside does not look as good as the photo because it has been empty for a long time...Some watering and some gardening will bring it back to life..
The REO that I own now, was already bank owned and foreclosed , and buying it was much easier because the seller was already out of the picture and the house was vacant for over a year.
That way, you get more house for the money..
I could never understand why banks just don't work things out with the people rather than take such a loss, but it must be a tax write off or something..