Short Sales Are Bargains Worth Your Time and Money - Virginia Short Sale Specialist / Realtor CDPE
Short sales are common all over the country right now and homeowners have the option to try and save their homes or short sale them. Marcus has some great information to share.
Short Sales Are Bargains Worth Your Time and Money - Virginia Short Sale Specialist / Realtor - Certified Distrssed Property Expert (CDPE)
In real estate, a short sale usually means the sale of a property at an amount less than what is owed to the mortgage lender. Of course, the lender needs to approve the transaction since they are the ones who would not be able to recover their losses.
Form a buyers' perspective, a short sale offers them the chance to buy a home at a bargain price. It might take awhile but if you think about it, the waiting is certainly worth your time and especially money. You may not be able to find such a good deal as the one offered in a short sale transaction.
In Richmond Virginia, for instance, a 38-year old woman was able to buy a short sale property, priced quite inexpensivley. The original homeowner owed their lender $895,000 but the buyer only paid $625,000. In many cases, the lenders do not go after the difference anymore or simply waive their right to file for a deficiency judgment. This is not the case in all circumstances but there is a little shift happening. After all, at the end of the day, a short sale is so much better than a foreclosure.
With a foreclosure, the lender will have to shell out money for the property's upkeep on top of the cost of foreclosure. There are also expenses in terms of having the property listed and other sales-related fees. According to the Richmond Association of Realtors, about 40 percent of the homes bought are either short sale of foreclosure. Local Realtors handle more short sale transactions - about 50 to 90 percent of their total sales activity.
Buyers do have to keep in mind a short sale is not as simple as it sounds. Even agents and short sale Realtors have just started to understand the process especially since short sale transactions were not as popular as today. You may even read about stories where the buyers waited for 1 ½ years only for the lender to reject the offer.
Florida short sales, on the average, take about six months to complete, but as lenders become familiar with how they will handle the paperwork, answer messages and phone calls and basically be more prepared, it can be assumed the processing period will be shortened. Compared to how short sales were handled three years ago, you can also see there is a marked improvement.
Call us today for a FREE consultation with no obligation!
Please contact Marcus for a free consultation and we will work with you to either help you save your home or sell it.
WWW.RICHMONDVAHOME.COM for more info or call 804-247-8187
Finding your Richmond, VA. dream home has never been easier, use our links to get started.
The Marcus & Tonya Rice Team specializes in Richmond, Va, Henrico County, Chesterfield County, Powhatan County, Hanover County, Petersburg, Colonial Heights, and Fort Lee Homes and Real Estate for sale. We are tech savy realtors with over 11 years experience. Please join us on our Social Networking Network to stay up to date on Richmond Virgina real estate news and more...
The Marcus Rice Team can be reached at 804-247-8187 or remaxrice@live.com
The Marcus Rice Team
RE/MAX Allegiance
13204 Hull Street Rd.
Midlothian, VA 23112Call Marcus at 804-247-8187
Office 804-419-1420www.richmondvahome.com
email: remaxrice@live.com
Short Sale Site: http://www.cdpe.com/profile/view/19070
Marcus Rice
Comments(0)