Buying Short Sale Homes in the Fayetteville NC MLS
The Fayetteville NC MLS is full of homes in the Fayetteville and Fort Bragg area in all different price ranges. Due to the current real estate markets many of these homes are being sold as a short sale. A short sale, if you're not familiar with the term, is when the current owner wants to sell their home in order to avoid foreclosure. If a short sale goes through, the owner can lift the burden of a mortgage payment and help preserve part of their credit rating. The seller is hoping that the bank would rather take part of the mortgage amount than go through the bankruptcy process and then try to resell the home themselves.
If you see short sale homes in the Fayetteville NC MLS you'll notice that they normally have asking prices that are well below the regular asking price for homes in that area. The agent and the seller normally set the price very low in order to attract buyers. However, the bank has the final say in the price. When you place a bid on a short sale home, you should expect the final selling price to be adjusted by the bank.
Despite the name, short sales often aren't short. The process of submitting the offer to the bank and waiting for the bank to decide whether or not they'll take the offer can take a while. You shouldn't set your hopes on purchasing the first short sale home that you see. Since there are additional loopholes that a short sale has that aren't present in a normal home buying situation, you should continue to search the Fayetteville NC MLS. With your agent's help, you can legally make multiple offers on different homes to see which one comes through first.
With the right agent, like one of our TeamEliteRealty.net agents, you can successfully find the right short sale home for you in the Fayetteville NC MLS.
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