What is a SHORT SALE?
As the economy continues to drag and more people fall onto hard times, short sales have become a popular solution for struggling homeowners. But useful as it is, not many people really understand how it works. So what is a short sale exactly, and what can it do for you?
A short sale is a process wherein you sell your home for less than the amount you owe on it, and your lender agrees to accept the proceeds and consider your mortgage fully paid. Many homeowners have turned to real estate short sale as a way to avoid foreclosure, especially after having unsuccessfully tried other loss mitigation options such as loan modification. With a short sale, you may not get to keep your home, but you get to avoid foreclosure and the stress that comes with it.
Of course, not every bank will agree to a short sale, and not many people are willing to buy short sale homes. That's why it pays to work with professionals and make sure you take the right steps. After all, it's not just your home at stake - it's also about your financial future. With good planning and a dedicated team, you can sell short sale and get your mortgage cleared - and start rebuilding your finances right away.
Short Sales: For BUYERS
If you're looking to buy a home on a budget, the real estate short sale market is a good place to look. Not only do you get homes below the market price, you also get to help troubled homeowners. Sure, there's always a risk involved when you buy short sale property, but it's all a matter of planning and smart decision-making. Below are some things worth keeping in mind to make sure you get the best short sale deal possible.
Take your time: More and more short sales are entering the market as we speak, so it’s a good time to take advantage of your choices. Look into every option and note the pros and cons of each offer. Chances are when you find something good, there’s something better just a block away.
Set a budget: Short sales may offer large potential savings, but regular home buying costs still apply. If you’re buying your first home, make sure to plan for closing costs such as attorney’s fees and property taxes. An experienced short sale agent can give you an estimate of closing costs so you don’t get caught off guard.
Work with a professional: It is the most important decision you will make if you are wanting to sell your home or looking to buy a home that is distressed. Finding a professional real estate agent who can help you buy or sell short sale property is an important decision. Not only do they get you a better deal, they also help you avoid common pitfalls such as overpricing or hidden fees.
Short Sales: For SELLERS
Short sale sellers often find themselves in a fair amount of pressure. Besides a troubled mortgage and impending foreclosure, they also have the burden of having to their home within a tight time frame. And with such a fast-growing inventory, it can be hard to find people willing to buy short sale property. If you're considering a short sale, here are some selling tips worth remembering.
Check your qualifications: First of all, will your lender agree to write off your loan for less than what you actually owe? This depends on how far behind you are, what made you default in the first place, and whether or not you have any other options. Call up your lender and find out how they can help.
Act early: Technically speaking, the foreclosure clock starts ticking as soon as you miss your first payment. Even if you’re not yet delinquent by your lender’s standards, you can still start looking into short sale or other loss mitigation options. The sooner you act, the faster you can get back on track.
Find an agent: It’s hard enough getting buyers for a regular home, let alone sell short sale property. Fortunately, there are lots of agents who specialize particularly in short sales, and who have the market savvy you need to sell your home at the right price and time.
The ALLRED REALTY Team advantage:
Allred Realty offers a wide degree of services for both short sale buyers and sellers. We understand the importance of quick action and careful planning when it comes to real estate and loss mitigation, and our team is more than happy to help out. So what sets us apart from the competition? Below are just some of our advantages.
Experience: Our Team has several years of short sale experience, both on the buying and selling ends. We know how the market works, and this knowledge is valuable in the competitive real estate market.
Personalized help: We know that each homeowner has a different story. We don't just buy or sell short sale homes - we take the time to get to know each client and find a solution that best suits their needs.
Full services: We don't stop at just showing your home around or drawing up short sale lists. Allred Realty works with you throughout the whole process, all the way to closing, and even afterwards.