Foreclosure in Clark County>Question Details

Vhvision, Real Estate Pro in Ontario, CA

if an investor has 9 properties and 2 have already forclosed is there a benefit in short sale for the other

Asked by Vhvision, Ontario, CA Thu May 7, 2009

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In my opnion it will be "yes", at least in short sale, investor has the ability to negotiate on his loan which he owes, may be settle with some kind of soft note or forgive everything in short sale but in foreclosure the lender may come after you for the remaining balance. And credit will also be not affected as foreclosure.

But as I said that, investor needs to consult with CPA or real estate attorney for any tax ramification.

Blaison Samuel
Certified Short Sale Specialist
0 votes Thank Flag Link Thu May 7, 2009
A short sale in my area will usually sale for about the same as a foreclosed property. Usually not always. I would think it would be a little better deal because the owner or renter probably will not tear up the property yet. The disadvantage is that you have a seller and a bank you have to work with. In a foreclosure you only have to work with the bank. Over all I think it might be a slight advantage to short sales than foreclosures. So slight thought you might not notice a difference. Hope this helps.
0 votes Thank Flag Link Thu May 7, 2009
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