Quote:
Originally Posted by Kard63
So I was reading about short sales and the common thought was: "If you can get the house at 50% less it is a steal. 30% less is common for a short sale, if you can't get it for that move on to the next one."
Well, they don't mention if that discount is relative to what the house is currently worth or what is owed on the mortgage. Who knows?
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If you don't know that much, you need to get into some research for awhile before you play with anything. It's fairly obvious that in that scenario what is owed on the note is COMPLETELY IRRELEVANT and the current value is the determining factor when making your decision to be involved in a deal.
And if some expert comes on and tells you that so long as you get X% off of the note, it's a deal, tell them to go fuck some nails.