Arik Kislin sees great opportunities in todays distressed real estate market

FOR IMMEDIATE RELEASE
new york city, New York, United States of America (Free-Press-Release.com) October 9, 2010 -- For those that really know what they are doing, a financial windfall can be made in foreclosure, REO and Short Sale properties.The most commonly heard of distressed property type is the foreclosure. A foreclosure is a property in which the bank has initiated a process of taking back ownership of a property from a private party.

If a property fails to sell during the foreclosure auction process the property reverts to ownership by the bank or lender on the property. The property is then called a REO or 'Real Estate Owned' property. Typically the property fails to sell at auction because the value of the asset (property) does not cover the liabilities (amount owed the bank) and no one was willing to pay enough to cover the debt.

In a Short Sale situation the value of a property won't cover the loan that is on the property yet the property has not yet entered foreclosure. The seller is under financial distress and usually in a situation where they need to be 'bailed out'.

In a Short Sale, sometimes a highly qualified buyer can convince a lender or bank to agree to take less than the full amount to satisfy the debt on the property in order to avoid the original owner from defaulting and having to go through the entire foreclosure and REO process. The REO and Short Sale situations are the ways to get the best deal in distressed real estate for a variety of reasons.

For more information:
http://www.arikkislinonline.com

About Arik Kislin

Arik Kislin is a self-made real estate investor, developer and entrepreneur. Arik Kislin is a principal with Linx Industries, a diversified investment company which includes JetFLight International, a Private Aviation Charter and Management Company, The Gansevoort Hotel Group, and Ocean Blue Management. Mr. Kislin began investing in a financial services firm active in the distressed debt market which manages assets in excess of $2 billion. Arik Kislin is a member of the New York Friars Club.

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