Delaware Real Estate Websites
A short sale occurs when the bank let’s a distressed homeowner, who owes more than his property is worth, settle up by paying less than the total owed.
The investor makes his “huge profit” by helping the homeowner negotiate the short sale with the bank, then picking up the property at the lower pay off amount accepted by the bank.
First of all, short sales are difficult to pull off, requiring negotiations with many layers of bureaucracy.
Frequently, the bank you are sending your payments to is not the bank that owns your loan. In fact, it may have passed through the hands of two or more banks. Therefore, more than one bank will be involved.
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