We all know that the foreclosures are on the rise and several lenders have gone out of business. The Sounds bad for the real estate industry, but as the old saying goes ....when given a lemon make lemonade.
The large number of foreclosures has created a wonderfule opportunity for investors and people just looking for a good deal on a home. Lenders do not want to own property. the cost of foreclosing on a home is many times far greater than selling it for less than what is owed on it. When the owner of a property is upside down (owes more that the property is worth), they often cannot even afford to sell it. They are forced to let the bank take the property from them in foreclosure.
A knowledgeable realtor can negotiate with the lender and have them allow the owner to sell the property for less than what is owned on it, and then forgive the remainder of the loan. This called a "short sale.' Lenders often will accept offers of 70 to 80 percent of the value of property in order to avoid forecloseing on a home. This is a win win situation. The seller gets out of the property that he /she cannot afford, the buyer gets a good deal on a property and has instant equity, and the lender is not stuck owning another home and having another bad loan on its books.
If you are an owner of a property and in this situation or you are a buyer looking for a good deal/ investment, you need to make sure you work with a realtor that has the experience and knows the process of a short sale.
Contact Exit-Atlantic International Realty and ask to speak to someone in their short sales division. They have all the knowledge and experience neccessary to handle your needs.
Exit Atlantic International Realty
561-445-0339
www,mrmissionbay.com
Comments(0)