Short Sale Info
There are many fact-of-life hardships that can happen, which can turn homeownership from a joy to a serious burden.The unanticpated loss of a job, illness, or changes in monthly payments can make a mortgage unaffordable... particularly in this ecconomy. For individuals facing foreclosure, there's a pre-foreclosure process called a "SHORT SALE".
In an approved short sale, the current owner's lender agrees to accept less than the outstanding balance on the loan. Lenders do this because it avoids foreclosure, which costs the lender considerable attorney fees and leaves the lender holding and maintaing a property that's usually distant from their offices. In general, lenders don't want to be property owners or managers. If the property goes into foreclosure, these costs will likely have to be rolled into the post-forclosure listing price for the property.
So finding a short sale might offer the best opportunity for a bargain sale. The offer however must be reasonable, and it will be subject to the policies, review and approval of the lender. So acceptance of the offer may take a few months and perhaps try your patience. And the offer could ultimately be rejected.
If you would like me to generate a list of currently on-the-market short sales in this area for you, please complete this form. A qualified short sale agent from my team will be in touch with you shortly with helpful information.
