Most people are upside down on their loan, they get behind on their payments and their home goes into foreclosure. This is happening all over the country, we try to help people in foreclosure but there are too many too help. We work with homeowners to do a short sale, which is the discounting of the loan by a lender for you to purchase. The homeowner has to have a hardship for the lender to look at short selling the property.
If a homeowner owes $300,000 and lets say the house is worth $300,000 in that area. We will negotiate with the lender to purchase the house at $195,000, remember the price depends on home values and rehab cost if any. We will put together a closing and buy the house at the discounted price if the bank agrees to our offer. The negotiation part of a short sale can be tricky but we have been doing it a long time.
This will produce a win/win/win situation, we get the home discounted, the homeowner gets out of foreclosure and the bank gets rid of a home they do not want. You can short sale property in any state but not all lenders will allow you to discount a property. With the housing market in a slump most banks will look at a short sale if the homeowner is in financial distress. If the homeowner is not financially distressed then a short sale is out of the question and the homeowner will have to look at another way to get rid of their home.
There are alot of scams out there so if you are a homeowner and someone asks for money up front or they do not seem credible then pass on using them. You need to look for someone you feel comfortable with and you should not be charged for a short sale.
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