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Short Sale F.A.Q.s Q. What is a "short sale"? A. A "short sale" is when a property is being sold for less than what is owed on the loan. Q. How is a short sale different from a foreclosure? A. A foreclosure is when a bank takes ownership of a home due to a loan default. The bank then is the seller on any foreclosure sale. In a short sale, the homeowner does not lose ownership - they sell the home directly to the buyer. Q. Why would a bank take less than they are owed with a short sale? A. There is a good chance that a bank will net more money in a short sale than they would if they foreclosed on a property and then had to maintain, market, and sell it. However, a bank DOES NOT have to agree to the short sale, and may decide to foreclose instead... often it depends on the terms they negotiate with the seller. Q. Which is better for a homeowner, a short sale or foreclosure? A. It depends. A short sale is better for a homeowner's credit rating than a foreclosure. However, in a short sale, the homeowner may be taxed for the difference between the sale price and the loan amount, while this is NOT the case with foreclosures. There are lots of legal issues with both foreclosures and short sales - we have a great attorney on call as the first thing a distressed homeowner needs is GOOD LEGAL ADVICE. Q. Which is better for a buyer, a short sale or foreclosure listing? A. Again, it depends. Short sales can be frustrating, as the bank is not always very motivated to make a decision to take less than they are owed - it can take a very aggressive sales agent to push one to closing. However, short sale properties tend to be in much better condition than foreclosed properties, as defaulting owners typically take everything that is not nailed down with them, and stop maintaining the property once it becomes clear the bank is taking in a foreclosure proceeding. One of worse experiences I've had selling Outer Banks real estate was opening the refrigerator in a foreclosed listing where the power had been off for a month... so, there are definite advantages to short sales for buyers too! Please call or text me for more information on short sales! Having pushed several through to closing, I know what it takes to get one done! Heather
VanderMyde (Even my closing attorney calls me "the queen of outer banks short sales"!)
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Heather's Awards:
Re/Max 100% Club
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