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Is it possible to buy a home for less than what is owed on the mortgage?

Contributions: 1

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The home has been for sale for over a year. It is located in a gated 55plus community. The sellers are very motivated.

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December 18 2008 - Visalia

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franchiseguy
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franchiseguy

Cottage Grove, WI

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I understand that if the lender allows a discount (short sale) on the amount due that it is considered income for tax purposes. Is that true?

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December 18 2008

shawneclark
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shawneclark

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Yes but you're better off just buying a foreclosure home in some cases. Just wait till that home forecloses, and it will if they are desperate now, then just wait until the bank lists it and snatch it up. Foreclosures are quite attractive during this down cycle.

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December 18 2008

Sam Shueh, "Sam Shueh"
Contributions: 191

Sam Shueh, "Sam Shueh"

Real Estate Agent

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Not sure where you are. In California that is what short sale is all about.
You need to find a property where loan(s) are from 1 lender not two different lenders. With regular sale it is hard enough to get buyer and seller agree on every offer. Can you image how complicated the transaction is? In most cases, the 1st lender(80%) can recover most or all of his mortgage. The 2nd lender (20%) gets little or none. The success rate is how skilled your agent is.
Typically, if there is a concession the realtor(s) have to swallow the cost.
Assuming there is a $10,000 termite or repair that the realtors have to swallow. How motivated can your and other agent are. They probably do it for free. The success rate here(Silicon Valley) is low. It takes patience and all parties have to communicate effectively(easy say than to be done). When you hire an agent quiz him/her and asking the agent what forms or disclosure forms and if the agent is skilled he will immediately show a copy and explain the section to protect you. If he/she is not skilled find another willing agent. Good luck.

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December 18 2008

Gordon Stephenson, "Gordon"
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Gordon Stephenson, "Gordon"

Seattle, WA

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View my 5 listings

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It's possible -- and increasingly common. It's called a "short sale." The current owner agrees to sell at the price you both agree to, subject to the lender(s) agreeing to accept less than what they are owed in order for you to get clear title to the home.

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December 18 2008

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Is it possible to buy a home for less than what is owed on the mortgage?

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Question Should I be using a buyer's agent, or just call the name on the sign?

Question how do i find a history report for a property?

Question how do i find the listing agent phone and email when not shown

Question Is it possible to buy a home for less than what is owed on the mortgage?

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