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Updated about 7 years ago on . Most recent reply
Buying a home for less than what’s owed
Hello,
I was looking to learn a little bit more about short sales. I am looking to buy my first home. One of my friends houses is going to be getting foreclosed on. The house was appraised at $350,000. She owes $190,000 on her mortgage and has a $100,000 home equity loan.
Can you buy the house through a short sale for less than the debts that she has on the house? How would a short sale process work?
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Wayne Brooks
#1 Foreclosures Contributor
#1 Foreclosures Contributor
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- West Palm Beach, FL
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Wayne Brooks#1 Foreclosures Contributor
#1 Foreclosures Contributor
- Real Estate Professional
- West Palm Beach, FL
A short sale is when the mortgages are More than the house is worth.......not the case here, they should/should have simply sell it and maybe walk away with a little something.