Foreclosures and Short Sales


Greensboro foreclosures
North Carolina foreclosures
Greensboro Short Sales
North Carolina Short Sales

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 County NC, contact us now at 336-294-4949 or jackbailey@helpusellgreensboro.com.