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Friday, December 26, 2008
Thursday, December 25, 2008
Real Estate
Foreclosures and short sales are what is happening in the Real Estate industry today. It's all over the country and mostly evident in San Diago, Las Vegas and South Florida. There is a difference between the two and even some realtors are clueless about this.
In summary:
1. A property in 'Foreclosure' is usually owned by the bank. It is free and clear and any one can buy it.
2. A 'Short Sale' is where the mortgage is higher than the value of the property. For example a property with a $200,000 mortgage and a current value of $180,000 is said to be a 'short sale'.
More Later
In summary:
1. A property in 'Foreclosure' is usually owned by the bank. It is free and clear and any one can buy it.
2. A 'Short Sale' is where the mortgage is higher than the value of the property. For example a property with a $200,000 mortgage and a current value of $180,000 is said to be a 'short sale'.
More Later
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