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Updated almost 10 years ago on . Most recent reply

Tyler Weinrich's profile image
Tyler Weinrich's profile image
Tyler Weinrich
  • Investor
  • from Oklahoma City, Oklahoma
  • Member since Feb 20, 2014
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61
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Tyler Weinrich's profile image
Tyler Weinrich's profile image
Tyler Weinrich
  • Investor
  • from Oklahoma City, Oklahoma
  • Member since Feb 20, 2014
Connect
Tyler Weinrich
  • Investor
  • Oklahoma City, OK
31
Votes |
61
Posts
Foreclosures

Is this considered a short sale?

Tyler Weinrich
  • Investor
  • Oklahoma City, OK
Posted

I have a seller that owes $46k on a house. He wants to get rid of it so bad, he'll sell it to me for $40k which is a good deal on it. He will bring $6k to closing table to make up difference. Would this count as a short sale? Technically the bank is getting all their money but sales price is less than current loan balance. 

Would this require any special process or approval by lender?

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