“Hi Gary. Im a new real estate investor. I see all your foreclosures. Are they also short sales?”
***ANSWER:
First, a quick explanation:
There are 3 stages of foreclosure during which a home may be sold:
1. BEFORE a foreclosure sale, when the homeowner is in foreclosure.
2. AT the foreclosure sale, when the home is auctioned.
3. AFTER the foreclosure sale, when it has gone back to the bank or the highest bidder.
So the answer to your question is no. Properties that are bank-owned foreclosures are never short sales. The bank has already taken them back and the loan no longer exists.
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