A short sale property is a property which has a market value that is significantly lower than the amount owned to the bank (or lien holders). These are properties that are "under water" - the net proceeds from selling the property will not be able to cover the debts against the property.
When the property is under water, the homeowner may not be able to continue with the payments, and let the bank (or lien holders) foreclose the property. When this happens, both the homeowner and the bank (or lien holders) would suffer a lot of time and financial loss.
The short sale opportunity presents itself when the lien holders agree to accept less than the debt owed. Since this is usually a more favorable outcome than foreclosure, and lien holders are likely to go through with the short sale process.
Short sale deals are usually good investment opportunities, when the bank (or lien holders) are willing to accept much less than the property's current market value in order to recoup some of its losses quickly.
Remember, the alternative is to go through the foreclosure proceedings, and the bank (or lien holders) would have to incur a lot of expenses in order sell the property at a similarly discounted price.
Because the short sale process can be quite complex, short sale deals are usually listed by licensed agents who specialize in short sale transactions.
Location: Mesquite, TX
List Price: $183,900
MLS Deal Finder Estimated Market Value: $207K
MLS Deal Finder Estimated Profit: $23K
Short Sale. Subject to Bank Approval.
Short sale - deal found.
Location: Euless, TX
List Price: $110,918
MLS Deal Finder Estimated Market Value: $146K
MLS Deal Finder Estimated Profit: $36K
Needs an offer immediately. Property being sold as is.
Location: Fort Worth, TX
List Price: $110,000
MLS Deal Finder Estimated Market Value: $129K
MLS Deal Finder Estimated Profit: $19K
INVESTOR OR HANDYMAN SPECIAL SHORT SALE! CENTRAL AC NEEDS REPAIR; UNFINISHED BONUS ROOM WAS FORMAL DINING AND WAS BEING CONVERTED TO A STUDY HOWEVER CONVERSION WAS NEVER COMPLETED; COME WITH AN OPEN MIND TO THIS 3 BEDROOM 2 BATH HOME THAT HAS POTENTIAL.
Short sale - found.
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