How are people making money off of short sales? Can someone explain how this works?

I see all these infomercials for programs like the ';millionaire mindest collection'; and I have not been able to figure out how they expect you to make a check off of someone else's near foreclosure. If you know what you're talking about, please explain the steps, thanks!How are people making money off of short sales? Can someone explain how this works?
Basically it's asking the lender to accept less than what's owed. So if a piece of property is worth 100k and has a loan on it for 105k and the lender is willing to take 80k, you now have a 20k profit if you sell the place.





Here's a good book:


Make Money in Short-Sale Foreclosures : How to Bypass Owners and Buy Directly from Lenders by Chantal Howell Carey





The same authors wrote a book called ';quick cash in foreclosures';.





RegardsHow are people making money off of short sales? Can someone explain how this works?
I've been doing short sales for about 9 months and have closed a total of 6 deals. I wish I would have known about them years ago. I bought a highly recommended course by D.C. Fowler (Making Money with Short Sales). You can find it on http://www.shortsaledeals.com Report Abuse

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