Short Sales, REO's and what you really need to know about Buying in our market
Exactly what is a Short Sale, you ask??
A "Short Sale" is when all parties holding liens against a property agree to accept
less than is owed to allow sale of the collateral. Basically, the Lenders and any other
lien holders agree to the sale of a property for less than what is owed to them. Why
would a lender agree to this? Because of the decline in property values many
properties do not have any equity left in them. And, due to the increase in property
taxes and insurance as well as adjustable rate mortgage resets plus any unexpected
hardships a homeowner may encounter, many homeowners can no longer make
their monthly mortgage payments. Many times the lien holders will accept much less
than current market value in order to allow the sale of the property.
A short sale benefits the Lenders as they do not have to take back and resell a
house with all the foreclosure and holding costs that are incurred. Lenders are in the
money business not the real estate business.
The benefits to the Homeowner are not having a foreclosure on their credit and not
having to deal with the foreclosure process. Payment of outstanding property taxes
and HOA fees are typically paid from the proceeds of the sale.
The benefits to the Realtors are being able to take and sell a listing on a property
that is in mortgage default and also attracting a buyer in today's market where "Price
is King". Lenders pay the Seller's closing costs including real estate commissions.
For a private buyer's consultation email at debbietuttle@cox.net and put Buyer's Short Sale or Foreclosure help needed in the Subject line and your contact info in the body. Or you can contact me directly at 702-493-8990/800-610-4063.
Short Sales and Foreclosures? What is the difference??
(1) Foreclosures, Short Sales and Taxes
2) How to Succeed at buying Short Sales; use a Qualified REALTOR. I cannot stress that enough!!!
(3) Short Sales Not Just About Canceling a Mortgage, what a buyer needs to know.
(4) Short Pay Addendum Provides a Wake-up Call to buyers.
(5) Represent Buyers; what I can do for you
(6) WARNING! You’ve got to know that it’s time to contact me for the right information.
Email me at debbietuttle@cox.net and put Buyer's Short Sale or Foreclosure help needed in the Subject line and your contact info in the body. Or you can contact me directly at 702-493-8990/800-610-4063.
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