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What is a Short Sale in Real Estate in Charlotte NC?
When a homeowner can no longer pay off their mortgage in Charlotte, NC, the house may be foreclosed. However, a short sale is a better alternative to an eventual foreclosure. In a short sale, a house sells for less than, or short of, the amount left on the mortgage. This frees the homeowner of the financial burden of the house. This money is paid directly to the bank and not the homeowner.
 
When a homeowner is in true financial distress, a short sale may be the best option for all parties. For the homeowner, once they sell the house, they are free of the mortgage that they were unable to pay. This comes at the expense of a hit to their credit rating though. For the bank, if the homeowner is incapable of paying in any form, a short sale is preferable. A foreclosure can cost the bank more. For the individual who purchases the home through the short sale, they get a home at a lower price.
Getting a short sale approved isn’t straightforward. It can take a long time to close, even if there is a buyer ready. In a foreclosure, the bank is tasked with finding an interested buyer. ... more

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