short sale, foreclosures and short sales
We haven't seen the end of the wave of home foreclosures by any means, folks. Although the news is full of the thousands of home foreclosures that are occurring now, there will be more coming, especially as more adjustable rate mortgages reset to higher rates and more families are squeezed out of homes that they couldn't really afford anyway. This presents lots of opportunities for buying residential properties and other foreclosured properties, but you can't go into these kinds of transactions blind. You need to arm yourself with as much knowledge as you can possibly glean about foreclosures and short sales. You really need to know the best way to buy a short sale home, so it's probably a good idea to take some real estate investing courses that focuses on foreclosures and short sales. The thing about any short sale transaction is that the mortgage lender really controls the transaction and can cancel it on short notice, so be prepared to be patient and be aware that you could get disappointed if the short sale doesn't go through at the last minute.