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3 result(s) displayed (1 - 3):

March 17, 2008

Shortsales

Shortsales are quickly becoming an option mortgage lenders are willing to pursue in order to avoid the expense of foreclosure. Industry experts state the average cost to lenders on foreclosure property is $80,000 per house. With thousands of Americans facing foreclosure, the financial impact is devastating to lenders. In order to lessen the blow to their bottom line, many are willing to engage in alternative solutions.

Shortsales give homeowners the opportunity to sell their home for an amount less than is owed on the loan. The sale needs to occur within a specified period of time. The lender typically specifies the minimum amount they are willing to accept prior to the allowing the homeowner to put their house on the market.

Real Estate Investing article on "Shortsales"

February 02, 2008

Short Sale

A short sale provides homeowners the opportunity to sell their home for a lesser amount than is owed on the mortgage note. Engaging in a short sale can help the homeowner avoid foreclosure and reduce negative impact to their credit. In essence, a short sale allows the homeowner to give their home back to the lender and walk away from the property.

While a short sale may sound appealing, it's important to understand what a short sale is, how it works and how it can affect your income and tax liability. If you do not understand the process, it could end up costing you a considerable amount of money.

A short sale is a complex process, so it's best to work with a professional such as Simon Volkov. However, you'll first need to contact your lender's Loss Mitigation Department and inquire about their short sale process. Each lender has their own set of guidelines and not all lenders will enter into a short sale agreement.

Real Estate Investing article on "Short Sale"

September 26, 2007

What is a Short Sale?

'Short sale' is a real estate industry term used when a lender accepts a discounted payoff on a mortgage loan. Short sales offer homeowner's who have defaulted on their mortgage an opportunity to sell the home for a lesser amount than is owed and avoid foreclosure.

Not all lenders are willing to engage in a short sale. Those who do, generally have their own set of procedures. Some may require the Seller to work with a real estate agent. A few will accept the short sale as full payoff, while others will require the Seller to pay the difference between the short sale and the original amount of the loan.

Real Estate Investing article on "What is a Short Sale?"