All Forum Posts by: Guy Johnson

I am led to believe a short sale refers to when a bank is willing to take a lower amount than what is owed on the property. This is what I have always believed. However, I have been told it refers to when a property is going to the foreclosure auction only to be bought before that happens, essentially stopping short of the foreclosure process. I realize the bank may take less than what is owed before the auction, and that is where some people may get confused with the term. So is it refering to the lower price a lender takes, or is the the act of stopping the foreclosure short by purchasing the home before the auction, even if it sells for more than what is owed?

Hey Everyone,
I am a relatively new investor from Milwaukee, and have been a real estate agent for the last three years. I bought my first property, an owner occupied duplex, at the tender age of 19 (two weeks before I turned 20, but it still counts). It was the best move I ever made, as it set me on a course to become more involved in real estate. I worked an enjoyable job while going to school, but soon learned the harsh reality of how it sucks being a perfectly expendable employee. Now I'm 25, self-employed as a real estate agent, have a four family building and my own home now, and am chomping at the bit to do my second rehab. I'm always looking for insight on the vast subject of real estate, as well as provide insight of my own. Sorry for the novel, and I look forward to becoming an active member of this forum.