With the explosive home price growth of the last few years, many people have been priced out of the homebuying market. If you fall in this category, there may be some avenues you could still try to break into the homeownership scene. One of these is short sales. These are a special type of sale where the homeowner is unable to keep up with their mortgage, and it can translate into big savings for buyers. Here’s what you need to know about the short sale process.
What is a Short Sale?
A short sale is when the homeowner has fallen behind on their payments by several months and does not have the means to get back on track. The homeowner then negotiates with the lender to sell the house for less than they still owe on the mortgage. This keeps the borrower from going into foreclosure, which leaves a worse mark on the credit report. Lenders can benefit from stopping the money loss problem earlier, hopefully recouping more of their investment with a short sale than they would get if they had to foreclose on the home.
Benefits of Buying a Short Sale
- Better Home Condition – These properties can often be in better physical condition than other distressed homes like foreclosures because the owners are typically still living in them up until the sale and have a greater interest in enticing buyers to want their property.
- Lower Price – Because the goal is to get the home sold as quickly as possible, short sale prices can be up to 20% lower than comparable homes on the market. However, the price is always subject to the lender’s approval.
- Less Competition – There are generally fewer buyers willing to jump through the extra hoops necessary for a short sale.
Risks of Buying Short Sales
- Time – It can take up to six months of negotiations with the homeowner’s mortgage lender before a short sale deal is finalized.
- Uncertainty – Anything can happen during the course of a short sale. The lender can reject the offer, the homeowner might find a way to get current on their mortgage and pull out of the sale, another buyer could come in at the last minute with a higher offer. Patience and adaptability are important for choosing the short sale route.
- Property Condition – Homeowners in this situation already don’t have enough money to even cover their mortgage payment; they often don’t have the funds to take care of repairs or routine maintenance on the house. You may inherit lots of issues that need to be addressed before you even move in.
If you think the extra effort for a short sale is worth the price reduction, you can look for distressed properties with the help of your real estate agent as well as on social media sites like Facebook Marketplace or Craigslist. With a good measure of patience and effort, buying property through a short sale is sometimes the perfect way to buy a home in a great neighborhood that you otherwise might not be able to afford.
Give us a call today so that we can help you become Pre-Approved to Buy a Home!
Comments
CRYPTO INVESTMENT SCAM RECOVERY ⚠️❌ By now you should know about the Crypto investment scam. They are all over the internet posting Enticing adverts and making false testimonies about themselves using this to Lure people to their advantage and Scamming them, But you need not to worry, cause you can get all your money back. You might have also come across some individuals that say they will give you guarantee on successful trades but they only end up as SCAMMERS as well. You here them say stuffs like 200% guaranteed in just 2 weeks and when you go into trade with them, they start telling you to pay profits percentage before you can get your income. These are all liars please avoid them. But if you have been a victim of this guys, then you should contact PYTHONAX now! The big Question is “Can someone Recover their money lost to Binary Option and Scam!? I will say yes, and will tell you how. The only way to Recovery your money back is by hiring HACKERS to help break into the Scam platform Database Security System using the information you provide them with, Extract your file and get back your money. It seems like a really impossible thing to do, I will tell you, it should be impossible, but with the use of specially designed softwares known to HACKERS and Authorities (such as The FBI, CIA e.t.c) it is possible and the only way to recover your money. PYTHONAX are a group of hackers who use their hacking skill to hunt down SCAMMERS and help individuals recovery their money from Internet SCAMMERS. We just need the contact details of the SCAMMERS and Paymnet Info and within 4-8 hours your money will be return to you. You can contact us via the emails below; Help@pythonax.tech Hackservices@pythonax.tech 📧📧 Pythonax. 2023 © All Right Reserved.
I lost about $585,000.00 USD to a fake cryptocurrency trading platform a few weeks back after I got lured into the trading platform with the intent of earning a 15% profit daily trading on the platform. It was a hell of a time for me as I could hardly pay my bills and got ruined financially. I had to confide in a close friend of mine who then introduced me to this crypto recovery team with the best recovery Wizard Wierzbicki Programmer. I contacted them and they were able to completely recover my stolen digital assets with ease. Their service was super, and my problems were solved in swift action, It only took them 48 hours to investigate and track down those scammers and my funds were returned to me. I strongly recommend this team to anyone going through a similar situation with their investment or fund theft to look up this team for the best appropriate solution to avoid losing huge funds to these scammers. Send complaint to Wizard Wierzbicki Programmer Email: wierzbickiprogrammers@gmail.com / wizardwierzbickiprogrammer@gmail.com the fastest way to reach them is Telegram: https://t.me/wizardWierzbickiprogrammer
Good day everyone, I’m Erin Allen from Jurong East, Singapore, my husband and I own a Furniture business, about two months ago we invested some part of our money into a cryptocurrency investment platform and made a total of £498,640.00 payment through bitcoins to this cryptocurrency platform not aware that it was all a scam, they kept asking us to make more payments into their platform and that was when we realized we have lost our investment. It was such a difficult time for us but while I was surfing the internet, I saw someone share a post about Wizard Charles Group Hackers, a reputable company that recovers stolen and lost funds, I didn’t hesitate to contact them and after providing all the information they needed to work with Wizard Charles Group Hackers was able to recover our money in 6 hours. We were shocked that such a thing could be possible but we are super excited we were able to recover our money all thanks to him and his team. We are recommending them to everyone out there who have been defrauded too by these fake cryptocurrency investment platform. You can reach out to them with the information Email: wizardcharlesgrouphackers@gmail.com
Comment Submitted!