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Updated almost 9 years ago on . Most recent reply
Is there a solution?
Is there a solution? I am new to Real estate investing. Can you offer a lower payoff for a home to a bank if the owner knows its going to go to foreclosure or do you have to wait until it goes to foreclosure. What happens to the owners negative equity? Thank you in advance for your thoughts.
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Bill Gulley
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Bill Gulley#3 Guru, Book, & Course Reviews Contributor
#3 Guru, Book, & Course Reviews Contributor
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Eric, what you're wanting is called a "short sale" you'll need a Realtor experienced in short sales and banks sell for less than what is owed everyday.
A short sale can be accomplished before foreclosure, just make sure you use a Realtor! Good luck :)