Our bank told us that in order for them to even consider approving us for a short sale, we must stop paying our mortgage for 3 months (we understand the impact this has on our credit). What we don’t know is once we are approved for a short sale, do we start paying the mortgage again or a portion of the mortgage? I would think if we stop paying, the bank would foreclose on us. What’s the difference between not paying in a short sale and not paying in a foreclosure?

Thanks for your help!

We put an offer on a short sale home. After a few months the bank and I went back and forth for a price and finally we came to an agreement. Now the investors need to approve it. How long does this take, what are the chances they will accept the offer? It has been almost three weeks and the closing date is in 11 days. Do I need to change the closing date?

With short sales, after an offer is made to the listing agent, he will bring it to the bank and hoping the bank will agree to the sale price. What is going on behind the scene in the bank? Will decisions be made by one person or a group of people? Any particular formula they look at? Or do they sit back and laugh at all the offers?

The bank approved my short sale. However, I found out that if I don’t buy, it will go to foreclosure in the next 2 months. Do I have more bargining power with that being known?

thanks to everyone for their honest answers

The doom and gloom  that you hear on the TV everyday about foreclosures, difficult lending parameters, massive sell-offs, and short sales has peaked the interest of smart investors nationwide.

 

While people with the capital and credit to take advantage of this turbulent time are making money hand over fist, what about normal folks like us?

 

What is the secret to making a killing in this perfect storm of real estate upheaval?

 

Three words-Tax Lien Investing!

 

We are blessed with the best time in history to buy and profit from tax lien certificates.

 

When people have either over-bought or have had a financial down turn, they often lose the ability to pay their mortgage. While this is horrible-it is a fact of life, a fact that we see splashed all over the news every darn day!

 

One very important factor in this inability to pay the mortgage is that these poor folks will also no longer be able to pay their property tax to the county.

 

While you may have the chance to get an extension from your bank, the government wants their money!

 

The money the county tax assessor collects goes to fire services, police departments, road maintenance, etc. So needless to say, we want them to get their money too.

 

When people don’t pay their property tax for a year, the county has the right to auction off the lien (in most states) on that property to collect the delinquent taxes.

 

This is where the smart investor steps in!

 

Not only do you get an ultra high interest rate, up to 50% and beyond, but if the property owner does not pay the taxes within the granted time period (as short as 4 months)…you have the GOVERNMENTALLY enforced right to foreclose on the homes and property!

 

In a nutshell this mean for literally pennies on the dollar ie., the cost of the tax lien certificate, you get a house, business, and/or land!

 

Most tax lien certificate can be had for less than $3000; many can be bought for less than $500. That’s right you can get a house with NO MORTGAGE for less than $500!!!

 

Now that is a brilliant investment strategy that ANYONE can afford.

 

No stock market speculating, no high dollar-high stakes house flipping, no slow-or-no growth bond investing. Just a governmentally guaranteed investment that at worst pays you ultra high interest and at best gets you a DEBT FREE property for pennies on the dollar…sound about right to you???

The doom and gloom that you hear on the TV everyday about foreclosures, difficult lending parameters, massive sell-offs, and short sales has peaked the interest of smart investors nationwide.
While people with the capital and credit to take advantage of this turbulent time are making money hand over fist, what about normal folks like us?
What is the secret to making a killing in this perfect storm of real estate upheaval? Three words-Tax Lien Investing!
We are blessed with the best time in history to buy and profit from tax lien certificates. When people have either over-bought or have had a financial down turn, they often lose the ability to pay their mortgage. While this is horrible-it is a fact of life, a fact that we see splashed all over the news every darn day!
One very important factor in this inability to pay the mortgage is that these poor folks will also no longer be able to pay their property tax to the county. While you may have the chance to get an extension from your bank, the government wants their money!
The money the county tax assessor collects goes to fire services, police departments, road maintenance, etc. So needless to say, we want them to get their money too.
When people don’t pay their property tax for a year, the county has the right to auction off the lien (in most states) on that property to collect the delinquent taxes. This is where the smart investor steps in!
Not only do you get an ultra high interest rate, up to 50% and beyond, but if the property owner does not pay the taxes within the granted time period (as short as 4 months)…you have the GOVERNMENTALLY enforced right to foreclose on the homes and property!
In a nutshell this mean for literally pennies on the dollar ie., the cost of the tax lien certificate, you get a house, business, and/or land! Most tax lien certificate can be had for less than $3000; many can be bought for less than $500. That’s right you can get a house with NO MORTGAGE for less than $500!!!
Now that is a brilliant investment strategy that ANYONE can afford. No stock market speculating, no high dollar-high stakes house flipping, no slow-or-no growth bond investing. Just a governmentally guaranteed investment that at worst pays you ultra high interest and at best gets you a DEBT FREE property for pennies on the dollar…sound about right to you???