What are foreclosure short sales?

When the homeowners default on their mortgage loan payments, they, with the due permission of their respective lenders, try to sell their disputed homes to the public, in order to avoid personal credit consequences. This procedure is termed as foreclosure short sales. In these sales, the homeowners are usually willing to accept a price lesser than the outstanding unpaid loan amount, as the equity is not sufficient to pay all the costs of the sale. In fact, in agreement with the homeowners, the respective buyers request the bank to discount the outstanding mortgage amount. If the lenders agree, short sales are achieved.

You can locate potential investment opportunities or short sale foreclosures on local web sites and in MLS feeds.

1. Save Costs - Buyers and investors can save a lot of money, if they strike a good deal at foreclosure short sales.
2. Additional investment - You can also buy a second hand home for your family or yourself to help generate a monthly source of income through rents, at an incredibly low price in comparison to the prevailing market prices.

1. Gather Information - A thorough research on the lender and the homeowner's position, such as sellers' hardship letter, tax returns, W-2s, payroll stubs, & financial statements will help you make the most of the deal.
2. Capitalize - Homeowners, who have defaulted on more than three payments and have received Notice of Default (NOD), are the least likely to surface again. Benefits from such foreclosure short sale are the highest.
3. Experienced agent - Foreclosure short sales are full of twists and turns and if not managed properly, can boomerang! Hiring an experienced agent, preferably through a family or agents referral, can help maneuver the procedure smoothly & efficiently in your favor.
4. Loss Mitigation - A strategic technique to avail foreclosure short sales at heavy discounts is to negotiate through the loss mitigation department.

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