Working With Charlotte Buyers & Short Sales
My assistance with a number of Charlotte Buyers who decided to purchase a short sale, has helped them to successfully achieve their goal of acquiring a “great deal.”
Property values took a huge hit as a result of the real estate bust, homeowners saw their home values plummet, so an opportunity to buy a distressed( short sale) property that is below current market value is truly sweet indeed!
NOTE: More and more buyers are taking full advantage of short sale opportunities. The typical discount can range from 13 - 30% of the market value.
What is a Short Sale? A short sale occurs when a bank allows a borrower to sell their home for less than the amount owed on the mortgage. It can be a complicated process but it helps the distressed borrower get out of a mortgage they can no longer afford to pay. A buyer closes on the property and the property is then “sold short” of the total amount of the loan. NOTE:A short sale benefits a bank by avoiding a repossession of the home in foreclosure, which will cost the bank much more money.
Short sales do not have to be difficult, although they can come with their share of challenges. As an experienced short sale agent I will inquire from the agent of the seller of the number of jr. liens, if the owners have filed bankruptcy, or if a notice of default have been filed. It also helps to know if the listing agent has experience with short sales.
The key to a successful navigation of the process is to provide the buyer with expectations. Communicate the complexities that can arise, provide information that will help them to make an informed decision. There are a number of factors which result in a short sale taking longer than 45 days for approval. NOTE:If a buyer needs to close on a house in a shorter timeline than 3 to 4 months, a short sale is not for them.
More buyers are waiting out the 45 or more days for bank approval, and a successful short sale transaction will ultimately end with the buyer receiving an incredible deal by purchasing a property that will give them instant equity, value that can continue to increase as the market recovers.
I have hit the highlights of a short sale, there are more details, but for a Charlotte buyer that’s considering a short sale this is a reader's digest version that will give you an idea of what to expect.
Would you like more information about buying a short sale, I will be more than happy to tell you all about it. Contact me today!!