A SHORT SALE is a simple process that takes a few months to complete
A short sale is when a homeowner facing foreclosure sells his or her property for less than what is owed to the mortgage lender. The sale has to be approved by the lender.
Short sales have become so popular these days. There are several reasons why they are so prevalent right now. In some instances homeowners with adjustable-rate loans can't make the payments when their interest rates rise; others fall behind because of job loss, others because of a divorce or sickness.
A lot of homeowners have seen their homes values drop and when they want to refinance. .
The surprise hits them square in the face. .
Their home can not be refinanced because the appraisal for the refi is below what you need to refinance the entire loan
What are the advantages and disadvantages of a short sale?
A short sale will be less damaging to your credit score than a foreclosure. Just try to have a normal life with a foreclosure on your record. .. it’s almost impossible to rent, finance a car, future job applications . .simply put, you will be paying trough the nose next time you want to finance a car. Sure they will give you a loan to buy one but, you will be paying astronomical payments
If you are a buyer looking to cash in doing short sales, is not necessarily a time to “steal” a property. Lenders aren’t stupid, they want to get market value for their properties, not give them away.
There is a balance just like other types of investing in Real Estate
A short sale could be your best tool to acquire great bargains out there but you must have patience, perseverance and a good realtor on your side.
Please contatc us at the number below if a short sale is an option for you
We service Maryland, DC and Virginia
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