short sales - any tips on buying?
I just looked at a property. The realtor said it was a short sale, and I had to ask "what's that mean?".
So, she says that the bank is selling the house and claims that the price is based on what is owed on the house. At $179,900, I doubt it is an exact correlation... that number is just too much like the kind that a marketing department would design.
I can probably find out how much, exactly, is owed, right? If so, how much downside are banks willing to take below that number?
Some are predicting that short sales are going to go way up in the first half of 2010....so I may as well figure out how this new situation works!