With all that is happening in the world of real estate, there are plenty of opportunities for sellers to avoid foreclosure, and savvy investors to scoop up a real find for a fraction of what a property may have cost just five years ago. You may be wondering what your options are to get out from under a mortgage you canít afford. Or you could be priming yourself to purchase a home in this market. Either way, you need to know what opportunities are out there, and what it all means for you!
Short sales are increasingly becoming a popular alternative to foreclosures. Before approaching a property that is designated as a short sale or considering putting your home into short sale, let me answer some of the most frequently asked questions.
When a borrower owes more on their property than it is actually worth, the borrower has the opportunity to enter into negotiations with their mortgage company (or companies) to accept an offer on the property that is less than the full balance of their loan or loans. The lender must approve the sale and in most cases would prefer a short sale to avoid the costly and lengthy foreclosure process. In this case when a buyer closes on the property it is considered a short sale.
It can. Awaiting the final acceptance of the offer from the mortgage company could take up to 90 days. The seller should accept one offer and then that offer, and only that offer should be submitted to the bank. Submitting more than one offer to the bank can create delays. Keep in mind there are no guarantees that the offer submitted will be accepted.
Qualifying for a short sale includes any or all of the following:
NO. While any Realtor can perform a short sale legally, the process is very different from traditional sales. There are only a few agents that have experience to perform short sales. I am one of them. I urge you to ask agents about their experience with short sales prior to agreeing to work with them exclusively.
For more information on short sales in North Augusta please call 803-278-1103 or email me at email@example.com today!.