Sunday, March 16, 2008

Locating Deep Discounted Distressed Properties

You can lcoate deep discounted distressed properties if you look for real estate in teh right place. Real estate is for sale at deep discounted prices on real estate websites and also for sale by owner or with realtors. You have to look to find cheap sales prices on real estate and this is not usually easy to find such discounted or distressed properties. Let me explain deep discounts this way.

Who is going to give you the deep discounted sales price? Is the seller of a deep discounted property (cheap real estate of course) going to sell to you at a discount. The obvious answer is yes, the ddiscounted price is from the seller. The less obvious answer is that the real estate is so discounted that the discounted real estate i sbelow the mortgage balance. This means that the mortgage lender must be the one to accept the deep discounted sales price and the seller may agree to the deep discount but the lender must accept the deeper discount. This is called a short sale of real estate.

Make sure you have accurate information if facing foreclosure get straight answers before making a foreclosure decision.

You can find short sale ral estate in many places. The problem is tha not every short sale will be successful. Ocwen does not do short sales at the moment. The short sale with Ocwen will not be approved by Ocwen at the moment. Therefore you can not get a short sale or a deep discount on real estate when Ocwen is holding the mortgage on a short sale.

Ken Lewis the CEO of Bank of America will allow a short sale of real estate with Bank of America. This is also made possible with Countrywide of which Angelow Mozillo is the CEO and this is what may be known as the tan man short sale CEO. Whether ot not Angelo is short I do now know. His compensation plan is not short I can tell you that much. Back to the short sale of real estate at a deep discount.

You can learn more about selling real estate at a deep discount and locate such real estate at many places. Whatever you do, make sure that the short sale of real estate is at a deep discount and if you do a short sale with Countrywide then make sure you bring some suntan lotion with you.

The Loss Mitigation department in Florida lost the Lis Pendins today...again!

Florida short selling and locating the loss mitigation side of short sales is tricky.

FHA short sales in Floirda are called preforeclosure sales and involve the FHA connection with a CHUMS number of the DE Underwriter in a mortgagee letter dated in 2005. For more information on the preforeclosure FHA short sale please see contact the Homeownership Center of HOC in your area for clarification.

Standard real estate definitions for real estate glossary of terms and terminology real estate related - a useful guide to learning real estate definitions.

Whoop! Whoop! The credit repair alarm has sounded.

Larry Linkler is in Orlando examining the short sale crisis in Orlando Florida.

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