Category: Short Sales
In today’s real estate market, investors have many discount properties at their possession. Everywhere you turn there is another property up for sale. Some of those properties can not be sold because of price. A lot of those homeowners must sell at the prices they are asking because they either paid too much for the house when they bought it, or they refinanced their equity out of their home. To add on to that problem, a lot of those homeowners took on an adjustable rate mortgage or an ARM. An ARM is a mortgage loan where the interest rate adjusts based on the market indexes.
Short sales are becoming to hottest topic when there is a declining market. If you turn on the news, you even hear about short sell investors in the stock market. Short sells and short sales are two totally different markets. Short sales are for homeowners that are over-financed on their mortgage or completely bad terms that could cause a potential hardship for the homeowner. In other words, the mortgage is usually more than the home is worth.
Do to the credit crisis foreclosures have been on the rise since 2006. If you’re doing any marketing whatsoever you’re going to run into sellers who are facing foreclosure. You must know how to do short sales in order to take advantage of this ever growing market. There are huge paydays if you understand and know how to get short sales completed.