From 2008 till approximately 2015 the real estate and home buying/selling landscape looked drastically different than what we have today. Since those years, there hasn’t been much discussion around the office regarding what short sales, how to buy short sales, and where to search for short sale properties.
In this video, Toby answers those questions and if you’re more inclined to read then continue down the page.
Here is a brief overview of the video:
What is the definition of a Short Sale? A short sale is when a property owner is selling their property for less than what’s been mortgaged, or owed, against it.
Example: If the property has $500,000 owed against it and its being sold for $450,000 the property is considered a short sale.
Related: What is a Short Sale Property
Short Sale Myth #1: A Short Sale has a faster than normal closing timeframe.
Short sales have nothing to do with time frames of purchase as it’s a myth that a short sale is synonymous with being a fast sale. Quite the opposite and we in the industry used to call them long sales.View More