BEST ANSWER
You may know if a property is upside down, but you probably do not know if the homeowner is illegible to qualify for a short sale. A bank is not going to allow a short sale if the homeowner can pay the note!

Hi Mark -

Many times we know a house will be short sale because we know the bottom line of the home. Many houses on MLS are listed as Short Sales which if you are diligent and have enough patience, will to wait and risk it can be an excellent deal, with seller disclosure and all - I just helped a buyer purchase one of those. .

A very generalized definition - When the amount owed to all lenders the lenders exceeds the sale price and the seller can not make up for that; this can become and will be a short sale. The seller will need Lender(s) agreement in order to property close the deal and transfer a clean title to the buyers.

Again, this is a generalized statement, but yes, we do know when a house is short sale per Listing Price. And guess what, most of the buyers will not pay for over listing to make it not a short sale (unless there is a multiple offer situation) now a days.

Sylvia

LOL, How do you show "short sales"

A short sale only occures AFTER at purchase agreement is written

Find a good agent, like me in your area 14710 that is willing to give you wahat you are looking for. I service Lower Westchester and the Bronx only, but there are good agents out there.

I will be happy to put you on an automated prospect match that will provide you, daily, with foreclosures, REO's (bank owned) and short sales. This is a complimentary service.

Please contact me off line at Gail@GailGladstone.com

Don't limit yourself to just bank owned homes.....there are great deals out there that are general sales. Tell you Realtor exactly what you are looking for, your price range...and NOT to eliminate bank owned homes. That should do it. I have freinds in your zip if you neeed help. Good luck!

Mercedes - why do you want to look at foreclosures? Bank owned properties and foreclosures are the same thing - they are homes that have gone through the entire process of foreclosure - all the way to auction whereby the bank was the "winning bidder" thus taking possession of the property.

1. Bank owned or REO (Real Estate Owned) properties once the bank owns them - are shopped to investors. They can be lumped in with multiple properties and sold in bulk to investors with lots of cash OR they can be sold to an investor individually - so the bank can get the property "off the books".

2. REO's can go through process for # 1 and then be put on the market - via a real estate agent - and usually will be priced at or around market value.

In this market - banks are taking reo's for what they are - "assets" on paper. You see on the books - it may be better to hold onto the properties because they show as assets on paper, thus making their books look better. Is it better for a company to show a 100k loss or is it better to show a 400k asset? Do the math.

While banks are struggling with foreclosures and short sales, trust me - they're NOT, nor will they ever be, running scared. Banks control the money and they pick up huge amounts of business everyday - they're not concerned with some little property in Suffolk County, New York. That's why they don't return phone calls and their follow up with regard to selling properties is so bad.

So I'll ask again - why do you want to look for foreclosures? You think their is a "deal" to be had? Possibly - but they're not exactly what you might expect. AND they're sold - AS IS. Something to not be taken lightly. If you're a first time homebuyer - their's plenty in the market now to look at.

IF you have bad credit and no money to put down - foreclosures will be that much HARDER to purchase. I've got a ton of books and resources on my site via amazon. It's my investment site. Can be some good resources there for you.

Hi Mercedes,
Which area are you looking in and what is you budjet and Time frame for buying? I might be able to help.
Please call or email me at Kim Foster 734-678-7839 or kim@kimfosterrealtor.com.

Kim Foster
Real Estate One
555 Briarwood Cir.
A.A. Mi

Mercedes,

We would be happy to refer you to someone that could help you. Call 941-408-5363

The "Eckler Team"
Michael Saunders & Company"
Venice, Fl 34285
billeckler@michaelsaunders.com