There’s a new kind of creative real estate investing happening for smart real estate investors.
Banks are getting into the mood to sell short to those very same [tag-tec]real estate investors[/tag-tec] they tried so hard to ignore during the boom years.
What exactly is a short sale?
It’s when a bank agrees to sell a property for less than the distressed owner in default owes. This is done to prevent the [tag-self]foreclosure[/tag-self] and to get the property off the bank’s books.
Are bankers being kind and gentle to distressed owners who are upside down in their mortgages?
Actually, bankers don’t want to be real estate investors and really don’t want to deal with repossessed homes.
Bankers cringe at the idea of having to solve the problem of what to do with an empty house sitting unoccupied for maybe months.
Is there an opportunity here?
Certainly. There is no reason why any real estate investor should have to pay full retail price for a very good property.