Short Sale Home Listings
A short sale is what happens when the proceeds from the sale of a property don’t cover the balance owed to the mortgage lender. They typically occur when a borrower cannot make the payments on their property and both parties agree to the short sale process.
A mortgage lender will discount the loan balance due to financial hardship on the part of the borrower. The lender will incur a smaller loss and recover more money than they would if they foreclosed.
Buying a home that is a short sale can be great for a buyer looking for a deal. The problem is that the process can be lengthy and at times cumbersome, especially if the listing agent does not know how to communicate efficiently with the bank.
There are thousands of distressed sellers in Raleigh, Cary and the surround areas and we can show you how to take advantage of the deals they represent. Because there is a procedure that banks follow, you will need an agent that understands the process and can efficiently work to get your contract to close.
