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Those are all legitimate choices. The transaction becomes a "flop," however, when Harry gets greedy. Mortgage data aggregator CoreLogic has launched a monitoring program designed to help lenders detect short-sale "property flops" by alerting them when there’s more than one loan application.
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Mortgage data aggregator CoreLogic has launched a monitoring program designed to help lenders detect short-sale "property flops" by alerting them when there’s more than one loan application. A short sale is a sale of real estate in which the net proceeds from selling the property will fall short of the debts secured by liens against the property.
On top of that, not every short sale listing agent knows how to do a short sale. Open House Stories: Short Sales, Timeline of a House Flop.. Flip or Flop Today, MyMoneyBlog.com is a member of the Amazon Associate Program, and if you click through to Amazon and make a purchase, I may earn a small commission.
A short sale flip is when an investor purchases and simultaneously resells, at a higher price, a short sale property – a property selling for less than the current mortgage balance. For this.
Catch Up On Episodes consult program guide. main videos photos. short-sale Home Profit 03:24. short-sale home Profit 03:24. On Flip or Flop, Tarek and Christina buy a short-sale home hoping to score a profit fast. Another house was recently sold and this has helped the comp, but will it be.
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What is a short sale? Let’s break it down. Say you’re selling your home; however, the offer you get is so low, it won’t cover the total amount you owe your lender on your mortgage balance.
Or he could convince the bank to approve a "short sale" for less than what’s owed on the mortgage-in which case the bank, to cut its losses, generally forgives the difference between what’s owed.
A short sale in real estate is not always a pleasant transaction, but short sales have come a long way since 2006, so don’t sell the concept short. Our present economy does not mean that short sales have gone away. For example, a person who bought a brand new home could die the day after closing, and the costs of an immediate sale could throw that transaction into short sale status.