Frequently Asked Questions

Selling a Short Sale

If I sell a property as a short sale, will I have to pay capital gains taxes?

Is the bank responsible for any repairs that need to be made to a short sale property?

If I have mortgage insurance and default on my loan, will that cover the deficiency amount?

What are the implications of unpaid judgements?

How long does a foreclosure usually take?

Will a good credit score help in trying to do the short sale?

Is a short sale still possible if the property has a 2nd mortgage?

Buying a Short Sale

What is a "short sale"?

Where can I get information on investing in short sales and foreclosures?

How can I get referrals from lenders that have clients wanting to do short sales?

How does a realtor profit from a short sale?

I have put an offer on a home that is a short sale. It tooks months to get the preliminary acceptance from the bank, but no final approval. No one from the bank will call me or my agent back.

What is a Broker's Price Opinion?

What is the difference in purchasing a short sale compared to a normal home?

Foreclosures

What is a bank foreclosure?

What is a "REO"?

How does a lender foreclose on a property owner?

I am interested in purchasing foreclosures for investment reasons. I have been warned of 2nd mortgages being what is foreclosed and not the original. What do I need to do to tell the difference?

When does a foreclosure process legally commence?

Is there a difference between REO and bank foreclosures?

What are some examples of the extra costs I should consider when estimating the ROI of a possible foreclosure property purchase.