I was recently asked a question about what I thought of properties where the mortgage is higher than the value of the property and the payment on the mortgage is too high to rent.
Really, this does not matter much to me. When I see situations like this I immediately think about short sale. Houses that do not have equity and have too high of payment need to be short sold to make any sense for us to purchase them. If the seller of the property or the bank that will need to accept the short sale do not comply there really is not much for us to do and make the incomes that we are hoping for.
If you are not familiar with short sales if is basically when the bank accepts less than what they are due. For instance if the home is worth $100,000 and the bank is suppose to receive $130,000 but the bank accepts an offer for $70,000 the bank will sell short of their $130,000 payoff mark.
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If you would like the chance to work with me or one of my fellow real estate investor coaches and our advanced training programs, give us a call anytime to see if Dean's Real Estate Success Academy and our customized curriculum is a fit for you. Call us at 1-877-219-1474 ext. 125
I was recently asked a question about what I thought of properties where the mortgage is higher than the value of the property and the payment on the mortgage is too high to rent.
Really, this does not matter much to me. When I see situations like this I immediately think about short sale. Houses that do not have equity and have too high of payment need to be short sold to make any sense for us to purchase them. If the seller of the property or the bank that will need to accept the short sale do not comply there really is not much for us to do and make the incomes that we are hoping for.
If you are not familiar with short sales if is basically when the bank accepts less than what they are due. For instance if the home is worth $100,000 and the bank is suppose to receive $130,000 but the bank accepts an offer for $70,000 the bank will sell short of their $130,000 payoff mark.
If you would like the chance to work with me or one of my fellow real estate investor coaches and our advanced training programs, give us a call anytime to see if Dean's Real Estate Success Academy and our customized curriculum is a fit for you. Call us at 1-877-219-1474 ext. 125