Are you referring to short sales? Some agents price their short sale listings too low so it is good to be skeptical. Lien holders will usually only approve a short sale if the sales price is relatively close to a realistic market value.... more
If you've already purchased a REO, then you'll need to check the terms of your purchase agreement (and any addenda) and loan agreement (if applicable). The prior might include a seasoning clause, and the latter might contain a prepayment clause.
However, if you haven't already purchased a REO, then you'll need comb through (or hire someone else to do it) all of the terms of your purchase agreement and loan agreement, before you close on that property. This way you'll be able to eliminate the clause or reduce the duration thereof.... more