Mila Posted October 2, 2021 Share Posted October 2, 2021 I found a house that is listed as a short sale. It is valued at 90k over the listing price. Does this mean that the house could sell for this much cheaper or is it very unlikely? A friend of mine and her husband are going to look at a house tomorrow that is listed as a short sale for the above discount. He is convinced that he could actually make money by buying it and they live in it for a bit and then sell it again. I am just not sure how this process works. Everything I heard says you should avoid short sales. 1 Quote Link to comment Share on other sites More sharing options...
Scarlett Posted October 5, 2021 Share Posted October 5, 2021 A short sale is basically a home owner who can't afford to pay off the remaining owed money on the mortgage so they try to strike up a deal with the bank to pass on the mortgage to someone else in order to avoid foreclosure. it can be a messy situation. I would never buy a short sale house! 1 Quote Link to comment Share on other sites More sharing options...
Stacey Posted October 5, 2021 Share Posted October 5, 2021 If someone had their back against the wall and can't make payments on their house, they can try to negotiate a short sale with the bank and a buyer. I think short sales are great opportunities for those who are knowledgeable on how to handle them. Most home buyers are not which why it is not advised for first time home buyers. 1 Quote Link to comment Share on other sites More sharing options...
Ella Posted October 9, 2021 Share Posted October 9, 2021 I found a video that has a lot of positive feedback. I thought I would just post this for you. I don't know much about the topic but it sounds like a risk! 1 Quote Link to comment Share on other sites More sharing options...
Yonder Posted October 10, 2021 Share Posted October 10, 2021 As others have explained the concept of the short sale, I don't see the point of paying 90k over for you as the buyer, unless it is a particularly nice house and checks all your boxes 1 Quote Link to comment Share on other sites More sharing options...
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