Question:
“Hi Gary. I’m 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:
- BEFORE a foreclosure sale, when the homeowner is in foreclosure.
- AT the foreclosure sale, when the home is auctioned.
- 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.
