Foreclosures and Short Sales
Simply put, a foreclosure is a property that has been
repossessed by the mortgage company due to the owner’s failure to make the
payments. It could give a potential
buyer the opportunity to purchase the home significantly below the market value
of the home. On the down side, there
could be risk involved and the buyer should seek experienced counsel prior to a
purchase. Most foreclosures must be purchased “as is” and there can be
considerably more paperwork involved.
A short sale is usually the step before foreclosure. The lender has agreed to accept less than
what they are due to avoid the foreclosure process. Short sales can also give potential purchaser
the opportunity to buy below market value.
Short sales are not completed in a short period of time, but can take
several months. If a buyer is working
under a tight time constraint, a short
sale may not be the route to go. If a
seller is considering a short sale, appropriate counsel should be sought to
investigate the possible consequences. It is possible that a short sale will not hurt the seller's credit and future buying power as much a foreclosure will.
For more information on foreclosures and short sales in Greensboro or Guilford
contact us now at 336-294-4949 or firstname.lastname@example.org.