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Short sales, while uncommon, have been around for decades.
Back when, it was common enough in some circles for promoters ( usually involved at least one attorney) to invite ordinary folk to a cheap buffet luncheon to pitch their Secret of Short Sale classes which were priced in the $5-8K range. When they had enough people, they would rent a ballroom in a suburban hotel and teach their students:
1) Locate people in distress, and
2) Persuade them to sell, and
3) Negotiate with the bank to take pennies on the $, and
4) Assemble or participate in a group of investors who had money but no time or interest in the hands on.
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