People with + Equity/LTV going through Shortsale?
Hello BP community!
Last week I send out a first round of yellow letters to a list I build of Pre-Foreclosures I compiled from RealtyTrac.
Today I am actually getting a few calls (which has been great) but two people, who apparently have a very good LTV equity ration told me that they are going through a shortsale, so I would have to talk to their realtor if I wanted to get inline.
I was under the understanding that a shortsale was when people were actually underwater... how someone who has a higher equity than what they owe will go through a shortsale? Am I missing something?
One of the people I couldn't talk to much because she didn't want to talk, but a gentleman we talks for a while and he confirmed how much he had in equity, and how much he owed and other offers he has had on the properties.
I am assuming these are not deals, although it's good practice to pick up the phone. But I am questioning now what I understand a short sale is.
Can someone kindly clarify? thank you!