Posts Tagged ‘Sales’

Benefits of Short Sales

Short sales are famous for its low home prices and it is also offers benefits to sellers, lenders and buyers as well. A short sale is where the homeowner owes more than his or her mortgage. However, the lenders must approve the sale amount and agree to cover the expenses the seller cannot obviously pay.

A combination of regular property transaction and a foreclosure by the bank makes up the short sales. The homeowner who cannot comply anymore with the mortgage will make an agreement with the lender that instead of foreclosing the property, the property will be put up for sale. Once the property is bought, the seller will then pay the money to the lender which will benefit the seller because he or she doesn’t need to worry anymore when it comes to paying the loan the lender gave him or her.

Short sales benefit the buyers because of the cost of the property. It is known that when a property is up for a short sale it is being sold at a very low price so the seller can pay off the loan immediately. This is to avoid a foreclosure which may cause hassle to the seller and the lender as well and it will be even more difficult to find a buyer because the prices will be a bit higher.

If you’re looking for a home, then you probably need to look for homes that are up for short sales especially if you need an immediate home and you can’t stand any more waiting for a property to be on sale. There is lesser competition in a short sale which will likely give you the opportunity to score up a home in a fast way.

Short sales benefit the three people involved in the particular sale; the lender will be paid off in a fast way, the seller will be able to pay the loan immediately and the buyer will get a home in a fast way. However, it is best that you do a walk-through when you are buying a short sale home because some of these homes have damages. However, there are homes that are up in a short sale that are still in very good condition.

So, if you want to score a home in a fast way, you should look for short sales around the area and probably you can seek help from a real estate agent.

Written by Carol Pefley

www.carolpefley.com

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