BofC an investment company buys houses from homeowners in distressed that have no other options. One city that struck BofC’s attention was Phoenix area of Maricopa county Arizona. According to Realty Trac Phoenix was 7th on the list of 100 cities with the highest foreclosure rates. BofC knows that foreclosure lowers home values by default making homes harder to sale which puts homeowners that need to sell their house fast and a sore spot.
Homeowners in the Phoenix area bought homes that once had equity and after the foreclosure crisis now those same homes have depreciated in value, which makes selling a home harder for sellers in distress. Those home owners now have little or no equity and have few options. One option sellers in distress have is a short sale. A short sale is when the owner’s lender discounts their home mortgage to allow a quick sale for a home that is headed for foreclosure.
Lenders agree to short sales because owning properties in this market is not a lucrative endeavor and will tie up the banks money for a few months even sometimes years and the cost outweighs the short sale. Homeowners that are behind on payments with little or no equity can now short sale their homes. BofC performs short sales for sellers on their home that has no equity to create a spread that is lucrative for the homeowner, lender and BofC. Everyone wins.
If you are a seller with a home and you need more information on short sales you can go to http://www.buyersofcharlotte.com/
