This is a good intro to short sales, for anyone who doesn't know what one is, as well as anyone looking to do one. Yes they can be done, and yes they are done everyday. However, they take longer and can be complicated. You are negotiating against the bank ina pre-foreclosure short sale. The owner must be involved as well, because it is a pre-foreclosure. Also take into consideration a deficiency judgment against said owner.
After the Bank has foreclosed, and the property does not sell to a Private Investor. Then the property becomes classified as REO or Real Estate Owned, and the Banks want to move these properties off of their books. These can be good properties to buy. Visit www.StTammanyREO.com for a free list of REO homes available in the St Tammany area, matching your specific criteria.
Any questions, please email.
Thank You
Marc
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