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Short Sale program flops

short sale home Gets High-End Flip Aubrey and Bristol buy a house site unseen for $250,000 in west Vegas. The ranch-style home is in an upscale neighborhood with comps around $400,000, but the dull and dated property will need a high-end overhaul to turn a profit.

A short sale is the sale of a property for less than what the owner still owes on the mortgage. A short sale is an alternative to foreclosure when a homeowner needs to sell and can no longer afford to make their mortgage payments. The lender agrees to accept less than the amount owed to pay off a loan now rather than taking the property back by foreclosure and trying to sell it later.

Buyers who pursue short sales firmly believe that it will present them with a good deal. Before jumping on a home you see listed for a price you think is too low for the neighborhood, ask your agent to call the listing agent to find out if the home is a short sale, because you might want to think twice about making an offer on a pre-foreclosure, short sale home.

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There’s only one reason to buy a short sale home – to get a great deal. "Short sale" simply means the sales price is less than the balance of mortgage(s) owed against it Short sales can.

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Refinance appraisals are based solely on comparable sales in the area because there are no other market indicators. Also, low-quality rehab is hard for an appraiser to put a value on, so it is common.

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