The Skinny on Short Sales Charlotte NC
January 13, 2010 by Victoria Stankard · Leave a Comment
As more and more foreclosure properties flood the market due to the economy, job loss and a decline in home prices, many sellers are looking to short sales as a way to avoid foreclosure themselves.
What is a Short Sale?
In a short sale transaction, the lender agrees to accept less than what is owed on the mortgage by the current homeowner. Lenders will usually only agree to a short sale if the property owner is many months behind on their mortgage.
The lender(s) and the homeowner strike a deal and typically, the difference is forgiven by the lender(s). In some cases, the homeowner makes arrangements with the lender to settle the remainder of the debt.
A Short Sale Can be a Viable Solution for all Parties Involved
Benefits of a short sale include:
- The seller avoids having to go through the credit fallout of the foreclosure process. Although a short sale can hurt a seller’s credit, it’s not as damaging to their credit as a foreclosure would be. With a short sale, they may be able to qualify for a mortgage sooner, once they are ready and financially solvent again.
- The buyer is able to pick up a property at a super discount
- The lender(s) is free from the headache of having to take back the property and unload it again. A short sale will generally cost lenders less than a foreclosure and minimize their losses.
Short Sale Challenges to Keep in Mind
Home buyers can often find amazing deals on short sale properties. However, along with the savings, there are inherent challenges in the short sale process you should be aware of, such as:
- Lenders can be unresponsive
- Some lenders lack experienced staff to process short sales
- Lien holders often hold up the transaction to get the largest possible payment
- Required documentation gets lost or is missing
- Required documentation may require multiple submissions
- Home value assessments can be inflated or inaccurate
- Process can be time-consuming with numerous delays
Obviously, it makes good sense to hire a short sale expert rather than attempt to purchase a short sale property on your own.
Charlotte, NC Short Sale and Foreclosure Expert
If you’re in the market to purchase a short sale or foreclosure property in Charlotte, NC, you need Leigh Brown on your team! Leigh is the leading real estate agent and short sale expert in Charlotte, NC.
You can reach Leigh by filling out her online contact form or by calling her at (704) 688-5005 or toll free at (866) 440-7136.
Victoria Stankard is a freelance journalist, SEO copywriter and co-owner of Get Found Now, an online marketing and search engine optimization company. She and her husband, Michael Stankard, live in Tampa, Florida with their two children. Victoria writes for industry leaders who desire a strong Internet presence. If you would like Victoria to write for your current website/blog or create a dynamic, search engine friendly WordPress website/blog that will rank high in the search engines, email Victoria at: victoria (@) getfoundnow.com.
Leigh Brown, aka The Real Estate Diva, is a native of Concord NC in the Charlotte area. She grew up on a farm at the edge of Cabarrus County, still goes to the same church she grew up in (home of the world famous Mallard Creek Barbecue!), but has become a leader in area real estate through constant learning and continually upgrading technology to better serve buyer and seller clients. Leigh does indeed have a reputation as a barracuda-when it comes to protecting client interests. Her softer side is reserved for her husband and two kids who provide a constant source of joy-and entertainment
