Board Topic: Short Sales in real estate
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Short Sales

Posted by: Guest_Ed Fernandez Sep 19 2004, 09:06 PM
Does any1 have any solid info on where I can can educated on short sales

Posted by: loanuniverse Sep 19 2004, 10:11 PM
Short sales?

As in selling stock that you do not own by borrowing it from your broker?

Never done it myself, too much downside potential. But you can find information here:

http://www.sec.gov/answers/shortsale.htm

Posted by: Guest_Ed Fernandez Sep 20 2004, 09:40 PM
No I meant Real Estate. As in pre-foreclosures.

Posted by: loanuniverse Sep 21 2004, 08:03 AM
Well, I talked to my "special assets" friend and he told me that he agrees to such things as long as:

1- The numbers make sense, and the proceeds of the sale are not too far from what the bank's estimate of value of the property is.

2- The transaction is an arms length transaction.

3- The comparable properties are selling for around that much.

We talked and he told me that while the transactions are rare, he does get a few every year. {included in these sales are auction sales prior to foreclosure}.

Edit in 2012: Funny how in 2004, I had not heard about short sales.
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