Taking the Short Road in Louisville!

Recently we talked about Short sales and how they can benefit Louisville buyers, sellers, and lenders. If you need a reminder of how they work, basically the lender agrees to accept a mortgage payoff amount less than the amount owed by the seller. The lender will then forgive the remaining balance of the loan. Let's take a look at the basic steps to actually pursuing a short sell.

So what is the first step? Find the short sales! There are several ways to locate homes that are in pre-foreclosure. Many people start their search online. These databases are a very popular place to start. You can also search courthouse listings or legal ads. Of course, the best and most reliable way to find short sales in your area is through a local real estate agent! Working with an agent who is familiar with the short sale process is one of the best moves you can make! Once you know what homes are available, it is time to go and check them out!

The second step is pretty easy! Assess the condition of the property. What are the repairs that will need to be made?  Do a thorough walk through!! Make sure you take the time to find out what it will cost to bring the home up to par.  Don't be discouraged if it needs a little work!! Don't forget those energy tax credits! From replacing the front door to upgrading your appliances, Uncle Sam may be able to give you a little help!

The last step before you enter into negotiations is finding out who has liens on the property. The seller or their agent should be able to provide this information. Always double check that ALL lien holders are listed. Make sure they have noted who the primary lien holder is. If you have your financing in place you are ready to start negotiations on your short sale! Many banks are streamlining the process and new rules from the Treasury Department should help make the process easier and even offer incentives to the seller and the lender!

Do you want help locating Louisville homes in short sale? Call Mollie Younger of Younger Group Real Estate.  We know Louisville! Our team has experience with short sale contracts!