How Short Are Short Sales Really?

When it comes to foreclosures and short sales on real estate there are no areas that have been untouched by these unfortunate situations. But if you’re a homebuyer, looking for Southport NC short sales you just might be in luck. Let’s first clear up just what a short sale is.

Southport NC short salesA short sale is not a foreclosure and, in fact, the home may not be anywhere near the process of being foreclosed upon. There are a variety of reasons why a seller needs to sell their home as a short sale — job transfer, divorce, unemployment, inability to make payments, and so on. Additionally, perhaps the current market value of their property is less than what they owe the bank or the seller now has additional liens against the property.

When attempting to sell their home as a short sale, the seller asks their lender to take less than they are owed — to be “shorted,” in other words — hence the name short sale.

Most lenders will work with the seller and approve the sale, especially if the alternative is to foreclose on the property. If a homeowner falls behind on their mortgage payments and the property goes to foreclosure, the lender ends up owning the property. Not exactly the type of business that banks and other lenders want to be in.

Whatever role you’re playing when it comes to Southport NC short sales, be patient but persistent. Short sales can sometimes be approved in less than 30 days, but many others take nine months or more.

From our family to yours, we wish everyone a very Merry Christmas and safe holiday travels.

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