What is a Shortsale?
A Shortsale in real estate occurs when the outstanding mortgage loans (liens) against a property are greater than what the property can be sold for. The lender is willing to agree to discount the mortgage in order to sell the foreclosure property to a third party buyer or investor. Especially, since the lender will have to spend more money to foreclose and resell the property than by discounting the mortgage loan. Moreover, the lender can end up with the foreclosed property as a REO (Real Estate Owned) property that it will have to be held, repaired, marketed and resold to even begin to get back their cost interest and profits. Finally, the lender is not in the business of selling defaulted real estate loans that are in foreclosure. Using our custom Shortsale techniques all parties benefit. The lender has their defaulted non-performing loan(s) paid off in full. The buyer or investor gets a great deal on a foreclosure property at a discounted amount (wholesale). And , the homeowner has
