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Another Opportunity in this market - SHORT SALES / PRE-FORECLOSURE
By robertearl | April 18, 2008
A Short Sale (sometimes called pre-foreclosure) is a house/transaction in which a homeowner attempts to sell a property for less than its loan value. These properties provide a potentially great opportunity to get a good property at a fair price, but because of the nature of the transaction structure, they are many times tricky to pull off if you don’t know what you are doing.
Why are Short Sales difficult (but not impossible) to pull off:
As more people fall behind on their mortgages, lenders have been slow to take advantage of a longstanding alternative to foreclosure — a so-called short sale.
At first glance, a short sale might seem like a win-win for everyone involved. In such an arrangement, the borrower sells the home for less than the amount owed, with the lender forgiving the difference. The sale releases borrowers from their obligations. For mortgage holders, it can be less costly than foreclosing — and could provide protection against future price drops. For buyers, it can be a chance to buy a home at an attractive price. (read more at marketwatch.com)
But it can be extremely difficult to get these deals completed. Unlike a traditional real-estate sale, a short sale requires the approval of not only the buyer and the seller, but also the mortgage-servicing company.
To assist you, we have put together 3 list of properties on our award winning website:
Lists of Short Sale / Pre-Foreclosure Properties.
- 77 Short Sale / Pre-Foreclosure Single Family Homes
- 77 Short Sale / Pre-Foreclosure Townhomes for Sale
- Short Sale Condos - Short Sale / Pre-Foreclosures
Topics: Buy a Home, Buying Foreclosures, Northern Virginia Real Estate, Robert Earl, The Earl of Real Estate Team |