Have you already face a bad short sale deal ? Please share

[Noyessie Hubert]

Hi All,

I'm hearing that short sell deals are most of the time a bargain since you are getting the property as less than the current loan balance. It looks like the only drawback is the approval process that need the lenders to approve the deals.

I saw one short sell in my area and I wonder if any of you have already found a bad short sell deals ? If yes, I would really appreciate to read your story.

Thanks.

[Matt Devincenzo]

What do you mean bad short sale? A short sale is just a sale but the lender is agreeing to take less than they are owed. Obviously that typically comes with distress, but any distressed sale is similar. You buy a problem to get a discount. There's really nothing unique to a short sale's distress, you just need a third party to approve of the transaction...