Cash Offer Corp., a Southlake, Tex., company that uses the brand name 1-800-CashOffer and provides services and leads to real estate investors, has gotten into the business of facilitating short sales.
In a short sale, a house is sold for less than what the homeowner owes on the mortgage, and the lender accepts a discounted payoff.
Investors and distressed homeowners can use Cash Offer's new service to process and negotiate such transactions, the company said.
"Banks are dealing with skyrocketing foreclosures," Jeremy Brandt, Cash Offer's chief executive, said in a press release issued Tuesday. "They do not want to own houses, especially in a declining market."
Even though "the short sale is a good solution for the lender, homeowner, and investor, the short sale process can take from a few weeks to several months," Mr. Brandt said. His company's service "facilitates the process and assists in the negotiations with the lender, helping to streamline the process to reduce the time and effort."
